1) Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is expected to have...

Fantastic news! We've Found the answer you've been seeking!

Question:

1) Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $6,900 at the end of five years.

Using the straight-line method, depreciation expense for 2021 would be:

2) Kansas Enterprises purchased equipment for $80,500 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $6,450 at the end of ten years.

Using the straight-line method, the book value at December 31, 2021, would be:

3)Kansas Enterprises purchased equipment for $79,000 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $6,600 at the end of ten years.

Using the straight-line method, depreciation expense for 2022 and the book value at December 31, 2022, would be:

4) Kansas Enterprises purchased equipment for $75,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $8,850 at the end of five years.

Using the double-declining balance method, depreciation expense for 2021 would be: (Do not round your intermediate calculations)

5) Kansas Enterprises purchased equipment for $74,000 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $8,850 at the end of five years.

Using the double-declining balance method, depreciation expense for 2022 would be: (Do not round your intermediate calculations)

6) Kansas Enterprises purchased equipment for $77,500 on January 1, 2021. The equipment is expected to have a ten-year life, with a residual value of $7,950 at the end of ten years.

Using the double-declining balance method, the book value at December 31, 2022, would be: (Do not round your intermediate calculations)

7) A machine has a cost of $17,100, an estimated residual value of $3,930, and an estimated useful life of eight years. The machine is being depreciated on a straight-line basis. At the end of the second year, what amount will be reported for accumulated depreciation? (Do not round your intermediate calculations. Round annual depreciation amount to the nearest dollar amount.)

8) A building was purchased for $62,500. The asset has an expected useful life of eight years and depreciation expense each year is $4,000 using the straight-line method. What is the residual value of the building?

9) A company purchased a machine for $192,000 on October 1, 2021. The estimated service life is 10 years with a $19,600 residual value. The company records partial-year depreciation based on the number of months in service. Depreciation expense for the year ended December 31, 2021, using straight-line depreciation, is:(Do not round your intermediate calculations. Round your answer to the nearest dollar amount)

10) A company purchased a computer system at a cost of $28,000. The estimated useful life is 6 years, and the estimated residual value is $10,000. Assuming the company uses the double-declining-balance method, what is the depreciation expense for the second year? (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.)

13) The balance sheet of Hidden Valley Farms reports total assets of $820,000 and $955,000 at the beginning and end of the year, respectively. The return on assets for the year is 20%.
What is Hidden Valley's net income for the year?

14) A company purchased new equipment for $45,000. The company paid cash for the equipment. Other costs associated with the equipment were: transportation costs, $1,100; sales tax paid $3,000; and installation cost, $2,900. The cost recorded for the equipment was:

15) Kansas Enterprises purchased equipment for $80,500 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $8,250 at the end of five years.
Using the straight-line method, depreciation expense for 2021 would be:

16)Kansas Enterprises purchased equipment for $80,500 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $8,250 at the end of five years.
Using the straight-line method, the book value at December 31, 2021, would be:

17) A building was purchased for $63,500. The asset has an expected useful life of eight years and depreciation expense each year is $4,000 using the straight-line method. What is the residual value of the building?

18) A company purchased a computer system at a cost of $35,000. The estimated useful life is 7 years, and the estimated residual value is $8,000. Assuming the company uses the double-declining-balance method, what is the depreciation expense for the second year? (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.)