Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ch10-3 please help me figure out the rest of the required 1B and C ch10-3 Estimated Useful life of Assets: building-15 years equipment-4years truck-6 years
ch10-3 please help me figure out the rest of the required 1B and C
ch10-3 Estimated Useful life of Assets: building-15 years equipment-4years truck-6 years Purchase Price & Estimated Salvage Value: Building- purchase price $70,000/salvage value $30,000 Equipment- purchase price $40,000/salvage value $10,000 Truck-purchase price $30,000/salvage value $5,000 Actual & Estimated Units-of-Production: Year 1 actual production- 35,000 units Year 2 estimated production-55,000 units Year 3 estimated production- 25,000 units Year 4 estimated production-5,000 Answer is not complete. Complete this question by entering your answers in the tabs below, Required 1A Required 1B Required 2 Assume the company uses straight-line depreciation for the equipment. At the beginning of the second year we determine that the equipment has only two more yjars of remaining useful life. Compute depreciation for the second year given the revised useful life estimate. $ 32.500 10,000 Revised Depreciation for Second Year Book value at point of revision Revised salvage value Remaining depreciable cost Years of life remaining Revised annual depreciation for second year Required 1A Required a Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required At the end of the equipment's useful life, the company plans to sell it. Record the sale of equipment at the end of its useful life for (a) $12,000 cash and (b) $6,000 cash. No Credit Transaction (6) General Journal Cash Accumulated depreciation Debit 12,000 1 12.000 2 (b) Cash Accumulated depreciation Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started