On January 1, 2021, a company acquired machinery for 2,382,000 with an estimated residual value of...
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On January 1, 2021, a company acquired machinery for 2,382,000 with an estimated residual value of 150,000. The has machinery has a useful life of 30 years, and depreciated using sum of the years digit. Compute: 1. Depreciation for 2021 Depreciation for 2045 2. 3. Accumulated depreciation as of December 31, 2036 Accumulated depreciation as of December 31, 2040 5. Carrying amount of the machinery on December 31, 2047 On February 28, 2021, a company acquired a building for 88,850,000 that has a useful life of 50 years with no residual value, and depreciated using straight-line method. Compute: 1. Annual depreciation 2. Accumulated depreciation on December 31, 2030 3. Accumulated depreciation on December 31, 2042 4. Carrying amount of the building on December 31, 2049 5. Carrying amount of the building on December 31, 2060 On January 1, 2021, a company acquired machinery for 2,382,000 with an estimated residual value of 150,000. The has machinery has a useful life of 30 years, and depreciated using sum of the years digit. Compute: 1. Depreciation for 2021 Depreciation for 2045 2. 3. Accumulated depreciation as of December 31, 2036 Accumulated depreciation as of December 31, 2040 5. Carrying amount of the machinery on December 31, 2047 On February 28, 2021, a company acquired a building for 88,850,000 that has a useful life of 50 years with no residual value, and depreciated using straight-line method. Compute: 1. Annual depreciation 2. Accumulated depreciation on December 31, 2030 3. Accumulated depreciation on December 31, 2042 4. Carrying amount of the building on December 31, 2049 5. Carrying amount of the building on December 31, 2060
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Question 1 Depreciation for 2021 The remaining useful life of the machinery at the beginning of 2021 is 30 years Therefore the depreciation rate for 2021 is 30465 00645 The depreciation expense for 20... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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