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AC301 Unit 2 Wiley

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Complete these exercises: BE11-2 BE11-4 BE11-9 Exercise 11-6 Lockard Company purchased machinery on January 1, 2014, for $190,000. The machinery is estimated to have a salvage value of $19,000 after a useful life of 8 years. Correct answer. Your answer is correct. Compute 2014 depreciation expense using the straight-line method. Depreciation expense $Entry field with correct answer SHOW SOLUTION LINK TO TEXT Correct answer. Your answer is correct. Compute 2014 depreciation expense using the straight-line method assuming the machinery was purchased on September 1, 2014. Depreciation expense $Entry field with correct answer Lockard Company purchased machinery on January 1, 2014, for $144,480. The machinery is estimated to have a salvage value of $14,448 after a useful life of 8 years. Correct answer. Your answer is correct. Compute 2014 depreciation expense using the double-declining-balance method. Depreciation expense $Entry field with correct answer Compute 2014 depreciation expense using the double-declining-balance method, assuming the machinery was purchased on October 1, 2014. Depreciation expense $Entry field with correct answer Brief Exercise 11-9 Correct answer. Your answer is correct. Everly Corporation acquires a coal mine at a cost of $411,200. Intangible development costs total $102,800. After extraction has occurred, Everly must restore the property (estimated fair value of the obligation is $82,240), after which it can be sold for $164,480. Everly estimates that 4,112 tons of coal can be extracted. If 720 tons are extracted the first year, prepare the journal entry to record depletion. (If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Exercise 11-6 Partially correct answer. Your answer is partially correct. Try again. Muggsy Bogues Company purchased equipment for $248,755 on October 1, 2014. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $27,840. Estimated production is 39,100 units and estimated working hours are 19,000. During 2014, Bogues uses the equipment for 520 hours and the equipment produces 1,000 units. Compute depreciation expense under each of the following methods. Bogues is on a calendar-year basis ending December 31. (a) Straight-line method for 2014 (Round answer to 0 decimal places, e.g. 45,892.) $Entry field with correct answer (b) Activity method (units of output) for 2014 (Round rate per unit to 2 decimal places, e.g. 5.35 and final answer to 0 decimal places, e.g. 45,892.) $Entry field with correct answer (c) Activity method (working hours) for 2014 (Round rate per hour to 2 decimal places, e.g. 5.35 and final answer to 0 decimal places, e.g. 45,892.) $Entry field with incorrect answer (d) Sum-of-the-years’-digits method for 2016 (Round answer to 0 decimal places, e.g. 45,892.) $Entry field with incorrect answer (e) Double-declining-balance method for 2015 (Round answer to 0 decimal places, e.g. 45,892.) $Entry field with incorrect answer Complete these exercises: BE11-2 BE11-4 BE11-9 Exercise 11-6

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