Bulldog Broadcasting purchased a high-end copy machine with a cost of $65,000 at the beginning of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Bulldog Broadcasting purchased a high-end copy machine with a cost of $65,000 at the beginning of 2019. The copy machine has an estimated life of 5 years or 1,000,000 copies (i.e., photocopies). The salvage value of the copy machine is estimated at $10,000. During 2019, 2020, and 2021, the total copies made were 400K. 250K, and 200K, respectively. Determine the following, and show your work: What journal entry is needed at the end of 2019 to record depreciation expense using straight-line depreciation? What is the book value of the copy machine at the end of 2021 using straight-line depreciation? Now assume Bulldog Broadcasting depreciates the copy machine using double-declining balance depreciation. Complete the deprecation table below for the five-year life of the asset. Year Depreciation Expense Accumulated Depreciation 2019 2020 2021 2022 2023 What is the per unit amount of depreciation using units-of-production depreciation? What is total depreciation expense for 2019 using units-of-production depreciation? Book Value What journal entry is needed at the end of 2021 to record depreciation expense using units-of-production depreciation? Bulldog Broadcasting purchased a high-end copy machine with a cost of $65,000 at the beginning of 2019. The copy machine has an estimated life of 5 years or 1,000,000 copies (i.e., photocopies). The salvage value of the copy machine is estimated at $10,000. During 2019, 2020, and 2021, the total copies made were 400K. 250K, and 200K, respectively. Determine the following, and show your work: What journal entry is needed at the end of 2019 to record depreciation expense using straight-line depreciation? What is the book value of the copy machine at the end of 2021 using straight-line depreciation? Now assume Bulldog Broadcasting depreciates the copy machine using double-declining balance depreciation. Complete the deprecation table below for the five-year life of the asset. Year Depreciation Expense Accumulated Depreciation 2019 2020 2021 2022 2023 What is the per unit amount of depreciation using units-of-production depreciation? What is total depreciation expense for 2019 using units-of-production depreciation? Book Value What journal entry is needed at the end of 2021 to record depreciation expense using units-of-production depreciation?
Expert Answer:
Answer rating: 100% (QA)
Journal entry at the end of 2019 Depreciation Ac Dr 11000 To Machine Ac 11000 Being Machine ... View the full answer
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
Students also viewed these accounting questions
-
A $400,000 capital investment proposal has an estimated life of four years and no residual value. The estimated net cash flows are as follows: Year Net Cash Flow...
-
A certain marble mine property has an estimated life of 30 years at a projected annual output of 3,000 cubic meters of marble blocks. The estimated management cost per year is placed at 1,500,000 and...
-
A person borrows $100 000 at the beginning of a year and agrees to repay the loan in ten equal instalments at the end of each year. Interest is charged at a rate of 6% compounded annually. (a) Find...
-
what is the formula of market share in cost accounting ? Data Socks Shorts Pants T-shirts Jackets Sales Price 8,794,500 5,558,815 14,711,730 15,394,500 16,792,601 Variable Costs 6,127,000 2,503,910...
-
Jeonbuk Company has two temporary differences between its income tax expense and income taxes payable. The information is shown below. Instructions (a) Prepare the journal entry to record income tax...
-
What are the benefits and challenges if you use in-house resources to manage accreditation versus obtaining an external consultant with specialization in health care accreditation?
-
In October, 2011, the first five transactions of Fines Maid Service, Corp., have been posted to the accounts as follows: Requirements 1. Prepare the journal entries that served as the sources for the...
-
1. Advise Sara on whether she is really learning some valuable lessons as a potential manager. 2. What should Sara tell Johnny on her review of her experiences? 3. Which managerial roles has Sara...
-
To more effectively compete in a dynamic market for consumer electronics, a manufacturer of consumer electronics products has established a new department for Innovation and Refinement that reports...
-
Assume that you are using attribute sampling to test the controls over revenue recognition of the Packet Corporation, a public company, and will use the results as part of the evidence on which to...
-
DrillPrintArray.java Write a declaration that populates an array with the following numbers 13, 96, 56, 27, 68, 80, 40 then prints them out in the following format: [ao, a, a2, ..., an] and finally...
-
In terms of Process Control and Process Improvement, what are some recommendations on how to determine which processes to improve to ensure you have the most impact on company excellence?
-
Consider the following program: program main var X: int; int function funl (test: bool) procedure fun 3 // begin of fun3 begin print x;
-
FlightID DepartureAirport TargetAirport [CustomerName, DateOfDeparture CustomerMemberNr] XC587,PA897 LHR LAX John Taylor, 2231 10/4/2022 26/5/2022 TC487 IST LHR Mustafa Ahmed, 14/5/2022 7723 NX223...
-
Compression of raster image from digital camera is frequently applied to reduce the irrelevance and redundancy of the image data in order to be able to store or transmit the image data efficiently....
-
1. In August 2013, a bank was offering 0.62% interest on its savings account, with interest reinvested daily. Assuming this rate of return continued for six years, how much would a deposit of $4,000...
-
Huffman coding is a lossless data compression algorithm. The idea is to assign variablelength codes to input characters; lengths of the assigned codes are based on the frequencies of corresponding...
-
Using the information in P11-2B, compute the overhead controllable variance and the overhead volume variance. Data From Problem 11-2B: Huang Company uses a standard cost accounting system to account...
-
A client would like you to explain some options he has regarding discounting of a 6 percent, 60-day, $ 2,400 note receivable. He wants to know what he will receive in proceeds and what his interest...
-
The Ledger Balance of Cash section of the bank reconciliation for Lasha Company for July 31 follows. Journalize the entries required to bring the general ledger up to date as of July of thisyear....
-
The following were among the transactions of Carpenter Company during this year. The firm, whose fiscal year ends on December 31, uses a periodic inventory system. June 12 Gave a 30-day, 5.5 percent...
-
What is a marginal density function?
-
True or False. If \(x(t)\) is stationary, its mean will be independent of \(t\).
-
Compute the autocorrelation function of a periodic square wave with zero mean value and compare this result with that of a sinusoidal wave of the same period. Assume the amplitudes to be the same for...
Study smarter with the SolutionInn App