1. Slotkin Products purchased a machine for $75,000 on January 1, 2020. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $5,000. What is the depreciation expense in 2022

2. Slotkin Products purchased a machine for $65,000 on January 1, 2020. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $5,000.

a. Make the Journal entry at the end of 2023

b. What is the book value at the end of 2023

3. Endeavor Company purchased equipment for $1,800,000. The estimated salvage value is $60,000, and the estimated useful life is 10,000 hours. Endeavor used the asset for 1,100 hours in the current year. The activity method will be used for depreciation. What is the entry to record depreciation expense?

4. Jasmine Company purchased a depreciable asset for $375,000. The estimated salvage value is $25,000, and the estimated useful life is 8 years. The double-declining balance method will be used for depreciation. Determine the depreciation expense for the second year on this asset.

5.

Morgan Corporation purchased a depreciable asset for $600,000 on January 1, 2018. The estimated salvage value is $60,000, and the estimated useful life is 9 years. The straight-line method is used for depreciation. At the end of 2020, Morgan realized that the asset will last two more years with a salvage value of $90,000. What is 2021 depreciation expense?

6.

Song Company purchased a depreciable asset for $700,000 on January 1, 2018. The estimated salvage value is $100,000, and the estimated useful life is 5 years. The straight-line method is used for depreciation.

a. What is the balance in accumulated depreciation on December 31, 2021.

b. Make the journal entry to record the sale of the asset on December 31, 2021 assuming that it was sold for $140,000