Half of #12 are correct

value: 1.00 points On April 1, 2014, Cyclone's Backhoe Co. purchases a trencher for $283,000. The machine is expected to last five years and have a salvage value of $37.000. Compute depreciation expense for both years ending December 2014 and 2015 assuming the company uses the double-declining-balance method. Double-declining-balance, partial-year depreciation Depreciation for the Period End of Period Beginning of Annual Period Period Book Deprec Depreciation Partial Depreciation Accumulated Rate Year Value Expense Book Value Depreciation 2014 2015 Value 1.00 points Apex Fitness Club uses straight-line depreciation for a machine costing $25,250, with an estimated four year life and a $2,200 salvage value. At the beginning of the third year, Apex machine has three more years of remaining useful life, after which it will have an estimated $1,750 salvage value (1) Compute the machine's book value at the end of its second year. (Do not round your intermediate calculations.) Book Value at the End of Year 2- Cost Accumulated depreciation Book value at point of revision (2) Compute the amount of depreciation for each of the final three years given the revised estimates. (Do not round your intermediate calculations. Round your answers to the nearest whole dollar.) Revised Annual Depreciation (Years 3-5) Book value at point of revision Revised salvage value Remaining depreciable cost Years of life remaining Revised annual depreciation years (3-5) 11. 100 points Timberly Construction negotiates alump-sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2015 at a tot cash price of $800 000 bora buding land and improvements and four vehicles. The estimated market values of the b ig 3487.650 land. $330.300: and improvements. 550.700, and four vehicles, 3120.350. The company's year ends on December 31 Required: 1.1 Prepare a table to allocate the ump-sum purchase price to the separate purchased Allocation of total Appraised Total Appraised Total cost of Acquisition Apportioned Cost $ Building Land Land improvements 487 650 31300 50,700 129 350 095 000 $ 1.2 Prepare the journal entry to record the purchase View transaction list Journal entry worksheet Racord the costs of lump-sum purchase Jan 01 Record entry Clear entry View general journal 2. Compute the depreciation expense for year 2015 on the building using the straight-line method, assuming a 15-year life and a $28,000 salvage value. (Round your answers to the nearest whole dollar.) Depreciation expense on building 3. Compute the depreciation expense for year 2015 on the land improvements assuming a five-year life and double-declining-balance depreciation. Depreciation expense on land improvements 12. 100 points A machine costing 5210 200 with a four-year life and an estimated $10.000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the machine will produce 478,000 units of product during site it actually produces the following units: 122100 in 1st year, 123,000 in 2nd year, 121.300 in 3rd year, 120.700 in 4th year. The total number of units produced by the end of year 4 exceeds the original estimate this difference was not predicted. The machine must not be depreciated below its estimated salvage value) Required Compute depreciation for each year and total depreciation of all years combined) for the machine under each depreciation method. (Round your per unit depreciation to 2 decimal places. Round your answers to the nearest whole dollar) Straight Line Depreciation Depreciation Year 47.300 Depreciation Units of Production Depreciable Depreciation Units per unit 122,100 3 0.40 123 000 3 0.40 120 300 0 .40 387 300 De D Being Period Book ion for the Period Deco Depreciation Acuted Expense Depreciation Book Vale