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need help plz with the following questions for accounting Depreciation by units-of-activity Method Prior to adjustment at the end of the year, the balance in
need help plz with the following questions for accounting
Depreciation by units-of-activity Method Prior to adjustment at the end of the year, the balance in Trucks is $423,500 and the balance in Accumulated Depreciation-Trucks is $123,600. Details of the subsidiary ledger are as follows: a. Determine for each truck the depreciation rate per mile and the amount to be credited to the accumulated depreciation section of each subsidiary account for the miles operated during the current year. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. Round the rate per mile to two decimal places. Enter all values as positive amounts. Feedback t check My Work Asset minus residual value equals depreciable cost. Units-of-production allocates the cost of the asset equally over the units produced. The depreciation rate stays constant, no matter how many miles are driven each period. Keep in mind that the depreciation taken cannot reduce the book value of the truck below its residual value. b. Journalize the entry to record depreciation for the year. Depreciation by Two Methods A Kubota tractor acquired on January 8 at a cost of $234,000 has an estimated useful life of 10 years. Assuming that it will have no residual value. a. Determine the depreciation for each of the first two years by the straight-line method. b. Determine the depreciation for each of the first two years by the double-decliningbalance method. Do not round the double-declining balance rate. If required, round your final answers to the nearest dollar. Depreciation by Two Methods A storage tank acquired at the beginning of the fiscal year at a cost of $82,800 has an estimated residual value of $4,800 and an estimated useful life of 4 years. a. Determine the amount of annual depreciation by the straight-line method. $ b. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar. Partial-Year Depreciation Equipment acquired at a cost of $90,000 has an estimated residual value of $5,000 and an estimated useful life of 10 years. It was placed in service on April 1 of the current fiscal year, which ends on December 31. If necessary, round your answers to the nearest cent. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Revision of Depreciation A building with a cost of $855,000 has an estimated residual value of $342,000, has an estimated useful life of 27 years, and is depreciated by the straight-line method. a. What is the amount of the annual depreciation? Do not round intermediate calculations. b. What is the book value at the end of the fifteenth year of use? c. If at the start of the sixteenth year it is estimated that the remaining life is 15 years and that the residual value is $240,000, what is the depreciation expense for each of the remaining 15 years? Capital Expenditures and Revenue Expenditures Quality Move Company made the following expenditures on one its delivery trucks: Mar. 20. Replaced the transmission at a cost of $3,580. June 11. Paid $1,875 for installation of a hydraulic lift. Nov. 30. Paid $80 to change the oil and air filter. Prepare the journal entries for each expenditure. If an amount box does not require an entry Step by Step Solution
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