Required Information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below) NewTech purchases computer equipment for $265,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $29.000 Exercise 8-7 (Algo) Straight-line depreciation LO P1 Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation Straight Line Depreciation Choose Numerator Choose Denominator Annual Depreciation Expense Depreciation expense Annual Depreciation Year-End Book Value Year Year Year 2 Year 3 Year 4 Total Requlred Information Use the following information for the Exercises below. (Algo) The following information applies to the questions displayed below. NewTech purchases computer equipment for $265.000 to use in operating activities for the next four years. It estimates the equipments salvage value at $29.000 Exercise 8-8 (Algo) Double-declining-balance depreciation LO P1 Prepare a table showing depreciation and book value for each of the four years assuming double-declining balance depreciation (Enter all amounts as positive values.) Depreciation for the Period End of Period Year Beginning Year Depreciation Book Value Rate Annual Depreciation Accumulated Depreciation Year-End Book Value Year 1 Year 2 Year 3 Year 4 Total QS 8-13 (Algo) Natural resources and depletion LO P3 Perez Company acquires an ore mine at a cost of $2.240,000. It incurs additional costs of $627.200 to access the mine, which is estimated to hold 1,600,000 tons of ore 210.000 tons of ore are mined and sold the first year. The estimated value of the land after the ore is removed is $320.000 Calculate the depletion expense from the information given 1. & 2. Prepare the entry to record the cost of the ore mine and year-end adjusting entry Complete this question by entering your answers in the tabs below. Depletion Expense General Joumal Calculate the depletion expense from the information given. (Round Depletion der unit to a decimal places.) Cost Salvao Amount subject to depletion Total units of apoty Depletion per un Units extracted and said in penod Depletion General Journal QS 8-13 (Algo) Natural resources and depletion Lo P3 Perez Company acquires an ore mine at a cost of $2.240.000. It incurs additional costs of $627.200 to access the mine, which is estimated to hold 1,600,000 tons of ore 210.000 tons of ore are mined and sold the first yeat The estimated value of the land after the ore is removed is $320,000. Calculate the depletion expense from the information given. 1. & 2. Prepare the entry to record the cost of the ore mine and year end adjusting entry Complete this question by entering your answers in the tabs below. Depletion Expense General Joumal Prepare the entry to record the cost of the ore mine and year and adjusting entry View transaction list Journal entry worksheet A B Record the cost of the ore mine in cash. Non debere credits Transsofon General Journal Debit Credit Record entry Clear entry View general journal QS 8-15 (Algo) Intangible assets and amortization LO P4 On January 1 of this year, Diaz Boutique pays $205000 to modernize its store. Improvements include new foors, ceilings, wiring, and wall coverings. These Improvements are estimated to yield benefits for 10 years. Diaz leases (does not own) its store and has 8 years remaining on the lease 1. & 2 Prepare the journal entry to record the cost of modemization and amortization at the end of this current year. View transaction list Journal entry worksheet 2 Record the cost of modernization of the store for $205,000 cash Need for General Journal Debit Credit Date January 01 Record entry Clear entry View general journal
