Answer:
$2,000
Explanation:
Net book value at the end of the 3rd year=26,000-((26,000-2,000/6)*3)
=$14,000
Since the useful life of machine is now revised from the 6 years to 10 years, therefore the total remaining useful life of machine is now 7 years instead of 3 years and accordingly the depreciation from year 4 to year 10 shall be calculated as follows:
Depreciation per year from year 4 to year 10=*14,000-0)/7=$2,000
Answer: $31,625
Explanation:
To find out the adjusted cash balance per the bank records we will do the following,
First we'll add the deposits in transfer as the bank account already has those,
= 29,361 + 3,650
= $33,011
The bank incorrectly increased a check issued to $94 from $49 so we add the difference to above amount
= 33,011 + (94 - 49)
= $33,056
Then finally we subtract the outstanding checks.
= 33,056 - 1,431
= $31,625
The adjusted cash balance per the bank records should be $31,625.
Answer:
The straight line depreciation for the first year is $24000
Explanation:
The straight line method of depreciation charges/allocates a constant amount of depreciation through out the useful life of the asset. The straight line depreciation expense for the year is calculated as follows,
Straight line depreciation = (Cost - Salvage Value) / Estimated useful life
Straight line depreciation = (135000 - 15000) / 5 = $24000 per year
Thus, the amount of depreciation for first year under straight line method is $24000
