Required Information Use the following information for the Exercises below. (Algo) [The following information apples to the questions displayed below! NewTech purchases computer equipment for $271,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $25,000 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 posltlve 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 Year 4 Total 0 QS 8-15 (Algo) Intangible assets and amortization LO P4 On January 1 of this year . Diaz Boutique pays $115.000 to modernize its store. Improvements include new floors, ceilings, wiring and wall coverings. These improvements are estimated to yield benefits for 10 years Diaz ledses (does not own) its store and has 8 years remaining on the lease 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. View transaction list Journal entry worksheet 1 2 Record the cost of modernization of the store for $115.000 cash Note des before General Journal Debit Credit Date January 01 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 $115.000 to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These Improvements are estimated to yleld benefits for 10 years Dioz 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 modernization and amortization of the end of this current year View transaction list Journal entry worksheet int Perez Company acquires an ore mine at a cost of $3,500,000. It incurs additional costs of $980,000 to access the mine, which is estimated to hold 2.500.000 tons of ore 255.000 tons of ore are mined and sold the first year . The estimated value of the land after the ore is removed is $500,000. Calculate the depletion expense from the information given 1. a 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 Journal Prepare the entry to record the cost of the or mine and year-end adjusting entry View transaction list Journal entry worksheet A B Record the cost of the ore mine in cash. Note Edebits before re Transaction General Journal Debit Credit Record entry Clear entry View general journal
