Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q32-36 please help me with these multiple choice asap !! Use the following information for questions 32 to 36 RH purchased a new machine on

Q32-36 please help me with these multiple choice asap !! image text in transcribed
image text in transcribed
Use the following information for questions 32 to 36 RH purchased a new machine on January 1, 2017 Cost when acquired Estimated residual value when acquired Estimated useful le when acquired 526000 52000 10 years The company uses straight-line depreciaton Accumulated depreciation at the end of 2021 is $12.000 It is now the beginning of 2022 and management has re-evaluated the estimates related to the machine Unture 32.40 The carrying value of the machine at the end of 2021 is Select one: a 514,000 b. $12.000 e $25,000 O $25,000 33. of 40 The depreciable amount of the machine when it was acquired was Select one O $24.000 O 526.000 O $20.000 Od some other amount Un 34.40 How much is depreciation expense for 2022 if the estimated total use is changed to 15 years from 10 years, but there is no change to estimated tesidus value Select one O $825 O. 51.500 Marks 34.40 How much is depreciation expense for 2022 if the estimated total useful life is changed to 15 years from 10 years, but there is no change to estimated residual value Select one O a $825 Ob $1,500 O . $1,650 O d. $1,200 Notes Unsure Marks 35... 40 How much is depreciation expense for 2022 if, instead, the residual value is changed to $1,000 but total useful life is unchanged Select one O a $925 b. $1,940 O . $2,600 Od $2.150 Noles o Unsure Marks 36.1 40 The journal entry in 2022 related to events in the immediately preceding multiple-choice question would include Select one O A debit to retained earnings for additional depreciation in prior years. b. A credit to retained earnings for reduced depreciation in prior years. c. A credit to income summary for reduced depreciation in prior years o d None of these Notes Unsere

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

Audit And Accounting Guide State And Local Governments

Authors: AICPA

1st Edition

1945498587, 978-1945498589

More Books

Students also viewed these Accounting questions