Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone make sure this is right please Carvajal Company acquires land for $86,000 cash. Additional costs are as follows Removal of shed Filling and

Can someone make sure this is right please image text in transcribed
Carvajal Company acquires land for $86,000 cash. Additional costs are as follows Removal of shed Filling and grading Salvage value of lumber of shed Broker commission Paving of parking lot Closing costs $300 1,500 120 1,130 10,000 560 Carvajal will record the acquisition cost of the land as 99,310 2. A company purchased factory equipment for $700,000. It is estimated that the equipment will have a $70,000 salvage value at the end of its estimated 5-year useful life. If the company uses the double-declining-balance method of depreciation, the amount of depreciation expense recorded for the second year after purchase would be? A factory machine was purchased for $375,000 on January 1, 2018. It was estimated that it would have a $75,000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be run 40,000 hours in the 5 years. The company ran the machine for 4,000 actual hours in 2018. If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2018 would be 3. 325,000- 5,000300, 4 Wilson Company purchased equipment on January 1, 2018, at a total cost of $1,200,000. The equipment has an estimated salvage value of $30,000 and an estimated useful life of 5 years. What is the amount of accumulated depreciation at December 31, 2019, if the straight-line method of depreciation is used? ,200,000-30,00 10, spPIpo

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Operational Auditing

Authors: David G Komatz

1st Edition

B09K24NM14, 979-8751454357

More Books

Students also viewed these Accounting questions