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4vir4ik [10]
3 years ago
11

Waterway Industries purchased a depreciable asset for $837300 on January 1, 2018. The estimated salvage value is $84000, and the

estimated total useful life is 9 years. The straight-line method is used for depreciation. In 2021, Waterway changed its estimates to a total useful life of 5 years with a salvage value of $142000. What is 2021 depreciation expense
Business
1 answer:
murzikaleks [220]3 years ago
5 0

Answer:

$222,100

Explanation:

Cost = $837,300

Residual value = $84,000  

Useful life = 9 years  

Now,  

Annual straight line depreciation = \frac{Cost-Residual Value}{Useful life}  

Annual straight line depreciation = \frac{837,300 - 84,000}{9}  

Annual straight line depreciation = \frac{753,300}{9}  

Annual straight line depreciation = $83,700

Accumulated depreciation for three years i.e., 2018, 2019 and 2020 would be:

Accumulated depreciation = 3 × $83,700

Accumulated depreciation = $251,100

Book value (at the end of year 2020) = Cost - Accumulated depreciation  

Book value (at the end of year 2020) = $837,300 - $251,100

Book value (at the end of year 2020) = $586,200

Revised useful life = 5 years

No. years asset has been used = 3 years

Remaining useful life = 2 years

Revised salvage value = $142,000

Therefore, depreciation expense for the remaining three year would be:

Revised depreciation expense = \frac{Book value at the end of 2020 - Revised residual Value}{Remaining useful life}  

Revised depreciation expense = \frac{586,200 - 142,000}{2}  

Revised depreciation expense = \frac{444,200}{2}

Revised depreciation expense = $222,100

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Answer:

D) declaring victory too soon

Explanation:

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By the term currently functional he means that the company shall be updated and working on with the current market trend. This means the company shall not be resistant to change and that the management shall take a note of it.

Further in the moving scenario there is no freezing point - the company shall constantly work on the new things which it can improve and excel.

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Answer:

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Lowered, improved, increased, choice

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3 0
3 years ago
On July 1, 2021, Ross-Livermore Industries issued nine-month notes in the amount of $400 million. Interest is payable at maturit
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Answer:

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the interest rate was not given, but we can assume that it was 5% just as an example:

total accrued interest expense = $400 x 5% x 6/12 = $10

the journal entry would be

December 31, 2021

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On January 1, Year 1, Friedman Company purchased a truck that cost $35,000. The truck had an expected useful life of 200,000 mil
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$4620

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33,000 / 2000,000) x ($35,000 - $7000) = $4620

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2 years ago
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