Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kingbird Compary purchased a naw machina on September 1 , 2 0 2 2 , at a cest of $ 1 4 0 , 0

Kingbird Compary purchased a naw machina on September 1,2022, at a cest of $140,000. The compamy astimated that the rachine
(a)
Your answer is correct te.15250 U
Depreciation expenta for:
2022$
2023$
2024,
eTerbook and Medla
Llst of Accounts
Attempts: 5 of 10 used
(b)
Your answar is correct
Cempute the deprsciation ecperes under the Units-ot-activity for 2022 asuming machine ugage was 890 hours.
Depreciation expense for 2022 $
eTextbook and Medla
Llst of Accounts
Attempts: 3 of 10 used
(c)
Your ansviar is correct
Compute the depreciation expsnes undsr the Declinins-balance using double tha straighe-lina rats for 2022,2023, and 2024.(Round answas to Odecimal places es.15250)
Depreciation expense for:
ETertbook and Medis
Llst of Accounts
Attempts: 7 of 10 used
(d)
Your angver iscarrect
Assime the streight-line mathod is used. What amount of cain or lass would Kingbird reconnizs if thay sell the asest for $65,000 on 12/31/24?(Round onswer to 0 derimal ploces es.15250)
eTextbook and Medla
Llst of Accounts
Attempts 4 of 10 used
(e)
Your answer is partially correct.
Assume the double-dedining balancs method is used. What amount of gain or loss would Kingbird recognizs if they sell the asset for $65,000 on 1231?24?
image text in transcribed

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

Step: 3

blur-text-image

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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, George Foster, Srikant M. Datar, Howard D. Teall, Foster Horngren, Data Horngren

3rd Canadian Edition

0130355801, 978-0130355805

More Books

Students also viewed these Accounting questions