21 - What is the normal depreciation rate to be applied to a building with a service term of 50 years? A) 5% B) 2% C) 10% D) 20% E) 4%
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21 - What is the normal
A) 5%
B) 2%
C) 10%
D) 20%
E) 4%
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Solved in 2 steps
- 10. An asset which cost $10,000 when new is being depreciated under MACRS using a 5-year normal recovery period. What is the depreciation expense in year 3?A. $1,900B. $1,200C. $1,500D. $2,10029 Assume that you have purchased an asset for OMR 10000 and expecting the useful life of 10 years. If you have charged the total depreciation of OMR 8000 over its useful life, calculate the residual value of the asset. a. OMR 20000 b. OMR 8000 c. OMR 2000 d. OMR 18000What is the depreciation rate of the factory? A 20% B 19.20% C 10% D 9.60% What is the amount of depreciation to be recognized in year 2022? A 768,000 B 1,228,800 C 1,280.000 D 1,536.000
- 13. An asset which cost $100,000 is being depreciated under MACRS using a 10-year normal recovery period. The depreciation expense in year 11 is A. $3,000.B. $4,000.C. $0.D. $6,000.10. Determine the rate of depreciation, the total depreciation up to the end of the 8th year and the book value at the end of 8 years for an asset that costs P15, 000 new and has an estimated scrap value of P2, 000 at the end of 10 years by: a. Using the declining balance method. b. Using the double declining balance method.Exercise 14. Revision of depreciation ( A warehouse with a cost of P500,000 has an estimated residual value of P20,000, an estimated useful life of 40 years and is depreciated by the straight line method. (a) What is the amount of the annual depreciation? (b) What is the book value at the end of the twentieth year of use? (c) If at the start of the twenty-first year it is estimated that the remaining life is 15 years and that the residual value is P5,000, what is the depreciation expense for each of the remaining 15 years?
- Exercise 14. Revision of depreciation A warehouse with a cost of P500,000 has an estimated residual value of P20,000, an estimated useful life of 40 years and is depreciated by the straight line method. (a) What is the amount of the annual depreciation? (b) What is the book value at the end of the twentieth year of use? (c) If at the start of the twenty-first year it is estimated that the remaining life is 15 years and that the residual value is P5,000, what is the depreciation expense for each of the remaining 15 years? Exercise 15. Adjusting entries for depreciation; effect of error On December 31, a business estimates depreciation on equipment used during the first year of operations to be P8,500. If the adjusting entry were omitted, which items would be erroneously stated on (1) the SCI for the year and (2) the SFP as of December 31?2.17 (LG 2.6) An asset costs $14 000. At a depreciation rate of 20 percent, calculate its book value using the declining-balance method: a. After one year b. After four years c. After seven years3. An asset initially costs P55,000.00 and a salvage value P5,000.00 after 11 years. What is the book value after eight years using straight-line depreciation method?
- Why do you think the 150% DB method is used as thebasis for depreciation for 15-year and 20-year classes ofequipment?QUESTION 6 If an asset is book depreciated by the DDB (Double Declining Balance) method over a 5-year period, how long will it take to reach its salvage value if the estimated salvage is 24% of the first cost? The time taken to reach the estimated salvage value, (in years) Round off to the nearest three (3) decimal placesQuestion15 Construct a depreciation schedule using the straight line method for a new lorry that costs $80,000 and has a salvage value of $8,000 at the end of 6 years.