Question: On October 1 , 2 0 2 0 , ABAC Farms purchased a machine with a cost of $ 1 2 0 , 0 0

On October

1, 2020,

ABAC Farms purchased a machine with a cost of $

120, 000

and a salvage value of $

20, 000

and a useful life of

10

years. Assuming ABAC Farms uses double declining balance depreciation, what is the balance in the accumulated depreciation account for this asset at the end of

2022 ?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

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!

On January 1, 2020, ABAC Farms purchased a machine with a cost of $120,000 and a salvage value of $20,000 and a useful life of 10 years. Assuming ABAC Farms uses double declining balance...

On January 1,2020 ABAC Farms purchased a machine for $50,000 with a $10,000 salvage value with a 5 year life. What is the depreciation in year 4 ? $800$8,000$4,320$5,000 On October 1,2020, ABAC Farms...

On October 1 , 2 0 2 0 , ABAC Farms purchased a machine with a cost of $ 1 2 0 , 0 0 0 and a salvage value of $ 2 0 , 0 0 0 and a useful life of 1 0 years. The machine was rated to produce 2 0 0 , 0...

On October 1 , 2 0 2 0 , ABAC Farms purchased a machine with a cost of $ 1 2 0 , 0 0 0 and a salvage value of $ 2 0 , 0 0 0 and a useful life of 1 0 years. Assuming ABAC Farms uses straight line...

On October 1 , 2 0 2 0 , ABAC Farms purchased a machine with a cost of $ 1 2 0 , 0 0 0 and a salvage value of $ 2 0 , 0 0 0 and a useful life of 1 0 years. Assuming ABAC Farms uses regular Straight...

On October 1 , 2 0 2 0 , ABAC Farms purchased a machine with a cost of $ 1 2 0 , 0 0 0 and a salvage value of $ 2 0 , 0 0 0 and a useful life of 1 0 years. Assuming ABAC Farms uses Double - declining...

On October 1 , 2 0 2 0 , ABAC Farms purchased a machine with a cost of $ 1 2 0 , 0 0 0 and a salvage value of $ 2 0 , 0 0 0 and a useful life of 1 0 years. Assuming ABAC Farms uses straight line...

Please see 9-7a week 3 and see attachment for better formatting. Problem 9-7A In recent years, Farr Company has purchased three machines. Because of frequent employee turnover in the accounting...

exercise 9-7a please see attachment for easier formatting .......thanks Problem 9-7A In recent years, Farr Company has purchased three machines. Because of frequent employee turnover in the...

Im not sure we should lay out $235,000 for that automated welding machine, said Jim Alder, president of the Superior Equipment Company. Thats a lot of money, and it would cost us $76,000 for software...

Set A = triu(ones(5)) * trill one s(S). If L dcnoc, the linear operator defined L(x) = Ax for all x in Rn. then A is the matrix representing L. with respect to the standard basis for R5. Construct a...

The fundamental and the first overtone frequency of the diatomic molecule HCI behaving as an anharmonic oscillator are found to be at 2886 cm- and 5668 cm-1 respectively. If the reduced mass of HCI...

Required A Required C Explain how IRP will be restored as a result of arbitrage transactions you carry out above. 2 7 : 1 9 Arbitrage transactions The U . S . dollar interest rate will rise; The...

I don't know how to start. Please help... A storage system has 2 types of customers. The "script" customers represent a set of scripts that compute usage statistics and reports for the storage...