54. 55. 56. *57. 58. Land improvements should be depreciated over the useful life of the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
54. 55. 56. *57. 58. Land improvements should be depreciated over the useful life of the a. land. b. buildings on the land. 59. c. land or land improvements, whichever is longer. d. land improvements. Which one of the following items is not a consideration when recording periodic depreciation expense on plant assets? a. Salvage value. b. Estimated useful life. c. Cash needed to replace the plant asset. d. Cost. The book value of an asset is equal to the a. asset's fair value less its historical cost. booe b. blue book value relied on by secondary markets. c. replacement cost of the asset. d. asset's cost less accumulated depreciation. trapibu On January 1, a machine with a useful life of five years and a salvage value of $25,000 was purchased for $125,000. What is the depreciation expense for year 2 under straight-line depreciation? a. b. C. d. $15,000. $75,000. $20,000. $60,000. odott ho behoges bana The declining-balance method of depreciation produces a[n) a. decreasing depreciation expense each period. b. increasing depreciation expense each period. c. declining percentage rate each period. ed of bd. constant amount of depreciation expense each period. o dappleb o zori strucn uitduod sol nowol, eld In 2017, Blanchard Corporation has plant equipment that originally cost $120,000 and has accumulated depreciation of $48,000. A new processing technique has rendered the equipment obsolete, so it is retired. Which of the following entries should Blanchard use to record the retirement of the equipment? Hiduod tot a. Loss on Disposal of Plant Assets Equipment b. Accumulated Depreciation - Equipment Loss on Disposal of Plant Assets Equipment c. Loss on Disposal of Plant Assets Accumulated Depreciation - Equipment d. Plant Equipment Accumulated Depreciation - Equipment Loss on Disposal of Plant Assets 72,000 (A 48,000 72,000 72,000 120,000 liber 72.000 120,000 72,000 48,000 72,000 Page 10 of 14 54. 55. 56. *57. 58. Land improvements should be depreciated over the useful life of the a. land. b. buildings on the land. 59. c. land or land improvements, whichever is longer. d. land improvements. Which one of the following items is not a consideration when recording periodic depreciation expense on plant assets? a. Salvage value. b. Estimated useful life. c. Cash needed to replace the plant asset. d. Cost. The book value of an asset is equal to the a. asset's fair value less its historical cost. booe b. blue book value relied on by secondary markets. c. replacement cost of the asset. d. asset's cost less accumulated depreciation. trapibu On January 1, a machine with a useful life of five years and a salvage value of $25,000 was purchased for $125,000. What is the depreciation expense for year 2 under straight-line depreciation? a. b. C. d. $15,000. $75,000. $20,000. $60,000. odott ho behoges bana The declining-balance method of depreciation produces a[n) a. decreasing depreciation expense each period. b. increasing depreciation expense each period. c. declining percentage rate each period. ed of bd. constant amount of depreciation expense each period. o dappleb o zori strucn uitduod sol nowol, eld In 2017, Blanchard Corporation has plant equipment that originally cost $120,000 and has accumulated depreciation of $48,000. A new processing technique has rendered the equipment obsolete, so it is retired. Which of the following entries should Blanchard use to record the retirement of the equipment? Hiduod tot a. Loss on Disposal of Plant Assets Equipment b. Accumulated Depreciation - Equipment Loss on Disposal of Plant Assets Equipment c. Loss on Disposal of Plant Assets Accumulated Depreciation - Equipment d. Plant Equipment Accumulated Depreciation - Equipment Loss on Disposal of Plant Assets 72,000 (A 48,000 72,000 72,000 120,000 liber 72.000 120,000 72,000 48,000 72,000 Page 10 of 14
Expert Answer:
Answer rating: 100% (QA)
54 option d land improvements since land improvements is separate classifi... View the full answer
Related Book For
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
Posted Date:
Students also viewed these accounting questions
-
Which one of the following items does not affect the calculation of the adjusted cost base of a partnership interest? a. Drawings made by partners. b. Interest on funds borrowed by a partner to make...
-
The useful life of a car battery t (in years) is given by the probability density function f (t)=0.2e-0.2t, t 0 Find the probability that a battery chosen at random lasts (a) 2 years or less. (b)...
-
Which one of the following items will not be included in a taxpayers ordinary income as per s 6-5 ITAA97, and will be included in a taxpayers assessable income? Choose the best answer. Rental Income...
-
What is the output of the following? A. 1223445 B. 2445 C. 22445 D. 223445 E. 2233445 F. None of the above. public class InitOrder { } {System.out.print("1"); } static System.out.print("2"); } public...
-
John Smith worked in the stockyard of a large building supply company. One day he unexpectedly left for California, never to return. His foreman seized the opportunity to continue to submit time...
-
Travelcraft Company manufactures a complete line of fiberglass suitcases and attache cases. The firm has three manufacturing departments: Molding, Component, and Assembly. There are also two service...
-
What are some indicators that a digital device has been infected?
-
You are provided with the following information for Ramirez Enterprises, effective as of its April 30, 2014, year-end. Accounts payable............ $ 834 Accounts receivable............ 810...
-
1. A hollow conducting sphere has an inner and outer radius of R and R2 respectively. A point charge of +Q sits inside the hollow sphere at the center. Additionally, a charge of +2Q is distributed...
-
Jeffrey Helm owns a health and fitness center called Bulk- Up in Harrisburg. He is considering adding more floor space to meet increasing demand. He will either add no floor space ( N), a moderate...
-
A government makes a contractual-determined contribution to its pension plan in the amount of $8,500 for year 1. The actuarially-determined annual required contribution for year 1 was $13,500. The...
-
The nutrition tablets .What PLACE/DISTRIBUTION methods do you intend to use to get your product to the masses? Who is the target market? Why? What specific methods of distribution do you want to use?...
-
Morris is trying to determine the amount of his company's paid-in capital after its first quarter of operations. Morris knows that total assets at the end of the first quarter equaled $25,000, and...
-
Need to Enter the above budget income and expenditure amounts for July and August to produce a suitable report. Draft the communication with the supplier outlining your request and ask them to...
-
Write a short report to Delizio explaining the advantages and disadvantages (minimum of three) of Gross Profit ratio of 33.34% in 2022 is lower than the industry benchmark of 51.25%, which indicates...
-
One of the most important strategic decisions for services marketing executives is the extent of the empowerment of the service employees who are in direct contact with customers. a.Define employee...
-
Solve the below equation: x^2 + 2x10^5 - 4x10^-6=0
-
The following items were displayed in the statement of affairs for Lubbock Company: Fully secured liabilities ......... $90,000 Partially secured liabilities ....... 12,000 Unsecured liabilities...
-
About what percent of those surveyed weighed more than 232 lb? Use the data which was obtained from a study of the weights of adult men. 192 lb 185 lb 180 lb 23 lb First quartile 178 lb Mean 232 lb...
-
Evaluate each expression. -7 -2
-
Indicate the metric unit of measurement that would best express the following. The volume of a bottle of water.
-
Using the tools provided to you in this chapter, conduct a comprehensive review one of the websites listed below. Is it a reliable resource without underlying motivations? MinimumWage.com ...
-
Research and find at least three reports of fabricated or misleading news causing damage to a company or organization. Consider how the news was created and disseminated. What could have been done,...
-
What are the strategies for effective secondary research searches?
Study smarter with the SolutionInn App