At the beginning of 2022, Robotics Inc. acquired a manufacturing facility for $12 million. $9 million of
Question:
At the beginning of 2022, Robotics Inc. acquired a manufacturing facility for $12 million. $9 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 25-year useful life, and a $1 million residual value. In 2024, the estimates of useful life and residual
value were changed to 20 total years and $500,000, respectively. What is depreciation on the building for 2024?
Step by Step Answer:
Calculation of annual depreciation after the estimate change 9000000 Cost 320000 Prev...View the full answer
Related Video
In accounting terms, depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible. An example of fixed assets are buildings, furniture, office equipment, machinery, etc. The land is the only exception that cannot be depreciated as the value of land appreciates with time. Depreciation allows a portion of the cost of a fixed asset to be the revenue generated by the fixed asset. This is mandatory under the matching principle as revenues are recorded with their associated expenses in the accounting period when the asset is in use. This helps in getting a complete picture of the revenue
Students also viewed these Business questions
-
At the beginning of 2016, Robotics Inc. acquired a manufacturing facility for $12 million. $9 million of the purchase price was allocated to the building. Depreciation for 2016 and 2017 was...
-
At the beginning of 2009, Robotics Inc. acquired a manufacturing facility for $12 million. $9 million of the purchase price was allocated to the building. Depreciation for 2009 and 2010 was...
-
At the beginning of 2011, Robotics Inc. acquired a manufacturing facility for $12 million. $9 million of the purchase price was allocated to the building. Depreciation for 2011 and 2012 was...
-
You are given the equation(s) used to solve a problem. For each of these, you are to a. Write a realistic problem for which this is the correct equation(s). b. Finish the solution of the problem.
-
A community hospital wants to estimate the body mass index (BMI) of its local population. To estimate the BMI with an error of at most 1.0 at a 95% confidence level, what sample size should they use?...
-
The form on page 6-47 shows the amounts that appear in the Earnings to Date column of the employees earnings records for 10 full- and part-time workers in Unger Company. These amounts represent the...
-
What are three advantages of online brainstorming?
-
Vice President for Sales and Marketing Sam Totter is trying to plan for the coming year in terms of production needs to meet the sales demand. He is also trying to determine ways in which the...
-
From the Company's perspective, do you think it was economically advantageous to secure the $80,000 that the CEO invested as a shareholder loan, as opposed to equity? If yes, please explain why. If...
-
|| || || function: play_heads_up_pig() This function lets 2 players play a heads-up Pig game. This should proceed the same way as solitaire except alternating between player 1 and player 2. If player...
-
Imani West, CEO of West Industries, stopped by the companys finance department with a question. I am considering having West Industries purchase bonds of Triton Corporation as an investment. Our...
-
Early in 2024, the Excalibur Company began developing a new software package to be marketed. The project was completed in December 2024 at a cost of $6 million. Of this amount, $4 million was spent...
-
In a book by John Fisher, Never Give a Sucker an Even Break (Pantheon Books, 1976), we find the following problem: What is the probability that you win? Remember, the sucker bets that he can roll out...
-
How does the motivation and perception of the individual influence consumer behavior? 2- Mention and explain an example of how any of these aspects has influenced your behavior when buying. ...
-
Give the causes effect and solution of the given business problem. Format: Problem: The shortage of capital and cashflow of a business in the Philippines Causes: Effect: Solution: Note: Please...
-
What is your analysis of Aviva Investors' campaign against Vedanta? What are the benefits to Aviva?
-
How do terrorist organizations typically convert cryptocurrencies into fiat currency, considering the challenges associated with direct conversion on traditional exchanges?
-
What is legislation and what is your responsibility to comply with it?
-
Assume sales remain constant from Year 1 to Year 2 and return on sales (ROS) increases from Year 1 to Year 2. Identify two reasons why the return on sales ratio might increase from Year 1 to Year 2.
-
(a) Find the equation of the tangent line to f(x) = x 3 at the point where x = 2. (b) Graph the tangent line and the function on the same axes. If the tangent line is used to estimate values of the...
-
The following questions are adapted from a variety of sources including questions developed by the AICPA Board of Examiners and those used in the Kaplan CPA Review Course to study the statement of...
-
The comparative balance sheets for 2013 and 2012 and the statement of income for 2013 are given below for Wright Company. Additional information from Wrights accounting records is provided also....
-
The comparative balance sheets for 2013 and 2012 and the statement of income for 2013 are given below for National Intercable Company. Additional information from NICs accounting records is provided...
-
Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $108,000. b. Direct materials used, $44,000. Indirect materials used, $19,800. c. Direct labor used,...
-
The following data refers to Huron Corporation for the year 20x2. Sales revenue $ 2,106,000 Raw-material inventory, 12/31/x1 89,000 Purchases of raw material in 20x2 731,000 Raw-material inventory,...
-
As Venue Manager, you have decided you will meet with a new employee who joined the organization just yesterday and share with them the compliance information that applies to two of the areas in...
Study smarter with the SolutionInn App