Current Attempt in Progress Coronado, Inc. has 6 computers which have been part of the inventory for over two years. Each computer cost $650 and originally retailed for $940. At the statement date, each computer has a net realizable value of $450. How much loss should Coronado, Inc. record for the year? O $1950. O $1200. O $2700. O $4140. Attempts: 0 of 1 used Submit A
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- White Mountain Supply Company purchases warehouse shelving for $18,300. Shipping charges were $370, and assembly and setup amounted to $575. The shelves are expected to last for 8 years and have a scrap value of $700. Use the straight-line method of depreciation to answer the questions. (Round your answers to the nearest cent.) (0) What is the annual depreciation expense (in $) of the shelving? 24 (») What is the accumulated depreciation (in $) after the third year? (e) What is the book value of the shelving (in $) after the fifth year?White mountain supply company purchases warehouse shelving for 18,400. Shipping charges were $ 370 and assembly and set up amounted to $575. The shelves are expected to the last nine years and have a scrap value of $800. Use a straight line method of depreciation, answer the questions round your answer to the nearest cent. A- what is the annual depreciation expense in dollars of the shelving?  B-what is the accumulated depreciation in dollars after the third year? C-what is the book value of the shelving in dollars after the fifth year?White Mountain Supply Company purchases warehouse shelving for $18,500. Shipping charges were $370, and assembly and setup amounted to $575. The shelves are expected to last for 8 years and have a scrap value of $800. Use the straight-line method of depreciation to answer the questions. (Round your answers to the nearest cent.) (a) What is the annual depreciation expense (in $) of the shelving? $ 2,330.63 (b) What is the accumulated depreciation (in $) after the third year? $ 6,991.89 (c) What is the book value of the shelving (in $) after the fifth year? $ 85,571.85 X
- The pharmacy purchased a computer to maintain financial records. The cost of the computer was $1,863.00. Its estimated useful life is 6 years, and the disposal value is $175.00. What is the annual depreciation? (round to the nearest whole number) Group of answer choices $486 $813 $441 $281White Mountain Supply Company purchases warehouse shelving for $18,400. Shipping charges were $370, and assembly and setup amounted to $375. The shelves are expected to last for 8 years and have a scrap value of $700: Use the straight-line method of depreciation to answer the questions. (Round your answers to the nearest cent.) (a) What is the annual depreciation expense (in $) of the shelving)computer equipmenr was purchased 5 years ago for 170,000 with an estimated life of 8 years and a residual value of 10,000. the company used straigh line depreciaton. a. compute the balance of accumlated depreciationas of the end of 5 years. b.if the equipment is 45,000 cash at the end of 5 years. Journalize the sale of the equipment.
- Presented below are selected transactions at Ingles Company for 2014.Jan. 1: Retired a piece of machinery that was purchased on January 1, 2004. The machinecost Tk.58,000 on that date. It had a useful life of 10 years with no residual value.June 30: Sold a computer that was purchased on January 1, 2011. The computer costTk.40,000. It had a useful life of 5 years with no residual value. The computer was sold forTk.14,000.Dec. 31: Discarded a delivery truck that was purchased on January 1, 2010. The truck costTk.33,000. It was depreciated based on a 6-year useful life with a Tk.3,000 residual value. Requirements:Journalize all entries required on the above dates, including entries to update depreciation,where applicable, on assets disposed of. Ingles Company uses straight-line depreciation.(Assume depreciation is up to date as of December 31, 2013.)MY NOTES ASK YOUR TEACHER The price of machining equipment purchased by Brass Industries was $45,400. It cost s3,440 for initial setup. The salvage value at the end of 5 years is s,300. Using the double-declining-balance depreciation method, calculate the annual depreciation of year 2. (Round the decilining-balance rate to 4 decimal places, and all dollar amounts to the nearest cent.) O110,896.00 OS11,721.60 O15,161.60 131,257.60 Need Help? HetOn the first day of its fiscal year, Spearhead Company purchased a new computer systemfor a total cost of $50,000. The computer system is expected to have a life of 5 years witha residual value of $5,000. If the company uses the double-declining-balance method, itsdepreciation expense for this computer system in the first year will bea. $9,000.b. $10,000.c. $18,000.d. $20,000.
- 6. A certain corporation purchased a machine for plastic lamination of posters for 720,000. At the end of its life of 10years, the worth of machine is only 40,500. What would be the book value of the machine at the end of the 6th year using declining balance method. a. 218,057.79 b. 128,057.79 c. 198,867.79 d. 220,582.79You have equipment with a beginning UCC of $100,000. You purchased the equipment a few years ago for $140,000. during the year, you sold ALL the equipment for 80000. what happens on the CCA schedule? A. $20000 terminal loss DEDUCTED FROM INCOME. B. $20000 Recapture ADDED TO INCOME C. $60000 Recapture ADDED TO INCOME D. $60000 terminal loss DEDUCTED FROM INCOMEDuring 20x7, the controller of the Sparrow Company asked you to prepare correcting journal entries for the following three situations: 1. Machine A was purchased for 400,000 on January 1, 20x5. It had an estimated residual value of 50,000 and an estimated service life of 10 years. It has been depreciated under the double-declining-balance metgod for 2 years. Now, at the beginning of the third year, Sparrow hass decided to change to the straight-line method. 2. Machine B was purchased for 500,000 on January, 20x2. Straight line depreciation has been recorded for 5 years, and the Accumulated Depreciation account has a balance of 250,000. The estimated residual value remains at 50,000 but the service life is now estimated to be 1 year longer than estimated originally. 3. Machine C was purchased for 200,000 on January 20x6. Double-declinig-balance depreciation has been recorded for 1 year. The estimated residual value of the machine is 20,000 and the estimated service life is 5 years. The…