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please help! im stuck!!thank uou!! The company purchased equipment at the beginning of Year 1 for $400,000. In Years 14, the company deprecisted the asset
please help! im stuck!!thank uou!!
The company purchased equipment at the beginning of Year 1 for $400,000. In Years 14, the company deprecisted the asset on a straight-line basis with an estimated useful life of 10 years and a $30,000 residual value. What is the BOOK VALUE of the equipment at the end of year 4 ? Cost=400000RV=30000LHe=10(40000030000)/B=462504 Use the following to answer questions 1819 The company purchased equipment for $400,000 on lanuary 1 , year 1 . The equipment is expected to have a 5 -year life, with a residual value of $50,000 at the end of its service life. 18. $ Using the 190%-declining balance method, determine depreciation expense for year 2 . 19. $ Using the straight-line method, determine book value at the end of year 2. Use the following to answer questions 2022 The company is in the process of closing its operations. It sold its 5 -year-old Front-end loader for $95,000. The loader originally cost $200,000 and had an estimated useful life of 8 years and an estimated residual value of $25,000. The company uses straight-line depreciation for all equipment. 20. $ Calculate the book value of the loader at the end of the 5 th year. 21. $ What was the gain or loss on the sale of the loader at the end of the 5 th year; (if loss, put - in front of your answer)? 2. $ Assume instead the company had originally estimated the Equipment had an estimated useful life of 7 years instead of 8 years. What would be the gain or loss on the sale of the loader at the end of the 5th year (if loss, put - in front of your answer) Step by Step Solution
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