Problem 6-24 (Algo) Partial-year depreciation calculations-straight-line and double-declining-balance methods LO 3 Porter Inc. acquired a machine...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6652d1f512649_7336652d1f50cf6e.jpg)
Transcribed Image Text:
Problem 6-24 (Algo) Partial-year depreciation calculations-straight-line and double-declining-balance methods LO 3 Porter Inc. acquired a machine that cost $380,000 on October 1, 2019. The machine is expected to have a five-year useful life and an estimated salvage value of $32,000 at the end of its life. Porter uses the calendar year for financial reporting. Depreciation expense for one-fourth of a year was recorded in 2019. Required: a. Using the straight-line depreciation method, calculate the depreciation expense to be recognized in the income statement for the year ended December 31, 2021, and the balance of the Accumulated Depreciation account as of December 31, 2021. (Note: This Is the third calendar year in which the asset has been used.) Depreciation expense Accumulated depreciation b. Using the double-declining-balance depreciation method, calculate the depreciation expense for the year ended December 31, 2021, and the net book value of the machine at that date. (Round Intermediate calculations.) Depreciation expense Net book value Problem 6-24 (Algo) Partial-year depreciation calculations-straight-line and double-declining-balance methods LO 3 Porter Inc. acquired a machine that cost $380,000 on October 1, 2019. The machine is expected to have a five-year useful life and an estimated salvage value of $32,000 at the end of its life. Porter uses the calendar year for financial reporting. Depreciation expense for one-fourth of a year was recorded in 2019. Required: a. Using the straight-line depreciation method, calculate the depreciation expense to be recognized in the income statement for the year ended December 31, 2021, and the balance of the Accumulated Depreciation account as of December 31, 2021. (Note: This Is the third calendar year in which the asset has been used.) Depreciation expense Accumulated depreciation b. Using the double-declining-balance depreciation method, calculate the depreciation expense for the year ended December 31, 2021, and the net book value of the machine at that date. (Round Intermediate calculations.) Depreciation expense Net book value
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The unadjusted trial balance of Fugazy Investment Advisers at December 31, 2014, follows: Adjustment data at December 31, 2014: a. Unearned Revenue earned during the year, $ 500. b. Office Supplies...
-
Discuss the relevance of the information in the Statement of Recognised Income and Expense to an investor Explain the advantages and disadvantages of combining the income statement and this statement...
-
What is the status of the Medical Waste Tracking Act?
-
In Hawaii shark attacks are very rare. Furthermore, about 55% of all shark attacks are serious, but not fatal (Reference: Sharks of Hawaii, Dr. Leighton Taylor, University of Hawaii Press). You are...
-
Suppose Japanese cars and American cars are identical in every way. Each American who owns a car (regardless of whether that car is Japanese or American) imposes $1,000 worth of pollution costs on...
-
Gillian Shaw opened Shaws Carpet Cleaners on March 1. During March, the following transactions were completed. Mar. 1 Invested $10,000 cash in the business. 1 Purchased used truck for $6,000, paying...
-
What is the ending balance in Salaries Expense, after adjustment? Elevance Health Unadjusted Trial Balance - December 31, 2023 Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated...
-
Write a C program that shows the binary equivalent of a given positive number between 0 to 255.
-
Write a C program that finds if a given number is a prime number.
-
Program-11: Aim: Write a C program to find the sum of individual digits of a positive integer and test whether the given number is palindrome or not.
-
Program-1: Aim: Write a C program that prints the results of all the operators available in C(including pre/ post increment, bitwise and/or/not, etc.). Read required operandvaluesfromstandardinput.
-
Program-2: Aim: WriteaCprogramthatconvertsonegivendatatypetoanotherusingautoconversionandcasting.Takethe valuesformstandardinput.
-
Hi. Please, this is the only graph provided for this question. Thank you.
-
A Masahiro's company had the following selected transactions during the past year: 1. Sold (issued) 1,000 ordinary shares at $ 10$ par for $ 25$ per share. 2. Received $ 100,000$ from various trade...
-
You are presented with the following forecast information relating to Baker Limited for the nine months to 30 September 2013. Forecast income statements (abridged) for the three quarters ending 30...
-
A Indicate whether each of the following items would be associated with cash inflow (I), cash outflow (O) or non-cash item $(\mathrm{N}$ ) and under which category each would be reported on a...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App