Question: A machine that was purchased on January 1 for $ 68000 has an estimated salvage value of $ 8000 . If the machines depreciation rate

A machine that was purchased on January 1 for $68000 has an estimated salvage value of $8000. If the machine’s depreciation rate is 20%, its annual depreciation is

$15200.

$12000.

$54400.

$13600.

Step by Step Solution

★★★★★

3.30 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

The correct answer is 12000 Explan... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Case study: (50 marks) -PART A On 1 July 2021, Tom Ltd acquired all the shares of Hanks Ltd on an ex-div . basis. Tom Ltd paid $850,000 cash and issued 120,000 shares which had a fair value of $5.00...

A plant asset was purchased on January 1 for $100,000 with an estimated salvage value of $20,000 at the end of its useful life. The current year's Depreciation Expense is $10,000 calculated on the...

A small delivery truck was purchased on January 1 at a cost of $25,000. It has an estimated useful life of four years and an estimated salvage value of $5,000. Prepare a depreciation schedule showing...

A depreciable asset costs $10,000 and has an estimated salvage value of $1600 at the end of its 6-year depreciable life. Compute the depreciation schedule for this asset by both SOYD depreciation and...

A plant asset was purchased on January 1 for $49000 with an estimated salvage value of $7000 at the end of its useful life. The current year's depreciation expense is $3000 calculated on the...

Question 8 (1 point) Equipment was purchased on January 1 for $30,000 with an estimated salvage value of $6,000 at the end of its useful life. The current year's Depreciation Expen...

The Hubbard Company owns a machine that was purchased on January 1, 2xx1, at a cost of $10,000. The machine has been depreciated on a straight-line basis with a useful life of six years and expected...

I need help with the following EX 6 page 7 What is the total for the Cash column? Ex 6b page 7 What is the total in the inventory column 6c What is the total in the retained earnings column? Ex 7...

Kirsoff Company makes eBook readers. The company had the following amounts at the beginning of 2011: Cash, $660,000; Raw Materials Inventory, $51,000; Work in Process Inventory, $18,000; Finished...

Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $660,000; Raw Materials Inventory, $51,000; Work in Process Inventory, $18,000; Finished...

Hoehn Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions...

Carpet City recorded the following data on carpet installations over the past week. Use the data to calculate the average rate (in yards per hour) at which carpet can beinstalled. Installation Square...

What percentage of the general U.S. population have bachelors degrees? The Statistical Abstract of the United States, 120th edition, gives the percentage of bachelors degrees by state. For...

You are the marketing manager for a clothing company launching a new line of outdoor apparel. In developing your marketing plan, you apply the 4 Ps marketing mix framework to ensure your strategy...

Mikey W. Smitty is confident that demand for his Western Rap CD will substantially exceed the break-even point computed in Problem 6-3. So, Mikey is contemplating having his CD cut at a classier (and...

At the downtown office of First National Bank, there are five tellers. Last week, the tellers made the following number of errors each: 2, 3, 5, 3, and 5. a. How many different samples of two tellers...

An important aspect of customer service and satisfaction at the Big Country theme park is the maintenance of the restrooms throughout the park. Customers expect the restrooms to be clean; odorless;...

The Backwoods American Company in Problem 2-1 produces approximately 20,000 parkas annually. The quality management program the company implemented was able to improve the average percentage of good...

Landloc, a real estate development firm, is considering several alternative development projects. These include building and leasing an office building, purchasing a parcel of land and building a...

Two enzymes act on a substrate and both are activated within the cell; therefore they are both exoenzymes. Group startsTrue or False True, unselectedFalse, unselected

Homework #16 is taken from the class Capital Budgeting handout (attached), as follows: page 1, example #1 Using the information given, calculate the following: capital proportions, cost of debt, cost...

OPERATIONS MANAGEMENT ASSIGNMENTEach question carries TEN marks 1. Mention the current trends in Operations Management 2. Mention the various technologies used in Operations Management 3. Using the...

Ivanhoe Company is considering the purchase of a new machine. The imvoice price of the machine is $112,000, freight charges are estimated to be $3,000, and installation costs are expected to be...

question is shared. what do you mean to share it to be answered? The Nelson Equipment Company purchased a machine 5 years ago at a cost of $420,000. The machine had an expected life of 10 years at...

1. The Boeing Corp. is considering building a new aircraft, the 787 larger than the 747 and larger than the Airbus A380. The company's Renton WA Facility, where 747s are currently manufactured, would...

Please answer all questions according to the drop down! This is my second time posting! Santosh Plastics Inc. purchased a new machine one year ago at a cost of $60,000. Although the machine operates...