! Required information EX 16-32 (Algo) Gain or Loss on Disposal (Section 2) (LO 16-4) [The following information applies to the questions displayed below.] In December of 20x4, Atlas Chemical Corporation sold a forklift for $9,100. The machine was purchased in 20x1 for $45,000. Since then $34,200 in depreciation has been recorded on the forklift. EX 16-32 (Algo) Part 3 Determine the after-tax cash flow at the time the forklift was sold. 3. Determine the after-tax cash flow at the time the forklift was sold. The firm's tax rate is 31 percent. After-tax cash flow
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- ! Required information [The following information applies to the questions displayed below.] Evergreen Corporation (calendar-year-end) acquired the following assets during the current year: (ignore §179 expense and bonus depreciation for this problem): (Use MACRS Table 1 and Table 2.) Date Placed Original Asset in Service Basis Machinery Computer equipment Used delivery truck* $ 106,000 37,000 50,000 195,000 October 25 February 3 August 17 April 22 Furniture *The delivery truck is not a luxury automobile. a. What is the allowable MACRS depreciation on Evergreen's property in the current year, assuming Evergreen does not elect §179 expense and elects out of bonus depreciation? (Round your intermediate calculations to the nearest whole dollar amount.) X Answer is complete but not entirely correct. MACRS depreciation! Required information Problem 7-5B (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] Quick Copy purchased a new copy machine. The new machine cost $112,000 including installation. The company estimates the equipment will have a residual value of $28,000. Quick Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year 1 Hours Used 3,000 2 1,700 3 1,800 4 2,200 Problem 7-5B (Algo) Part 2 2. Prepare a depreciation schedule for four years using the double-declining-balance method. (Hint: The asset will be depreciated in only two years.) (Do not round your intermediate calculations.) QUICK COPY Depreciation Schedule-Double-Declining-Balance End of Year Amounts Depreciation Year Expense 1 2 3 4 Total Accumulated Book Value Depreciation! Required information Problem 02-53 (LO 02-2, LO 02-3) (Static) [The following information applies to the questions displayed below.] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Asset Machinery Computer equipment Used delivery truck* Furniture Date Placed in Service October 25 February 3 August 17 April 22 Original Basis Problem 02-53 Part b (Static) $ 70,000 10,000 23,000 150,000 *The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation and elects out of §179 expense?
- Required Information. Problem 10-53 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions displayed below] Evergreen Corporation (calendar year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2) Asset Machinery Computer equipment Used delivery truck" Furniture Oate Placed in Service October 25 February 3 Depreciation August 17 April 22 "The delivery truck is not a luxury automobile Original Basis $ 84,000 20,500 33,500 167,500 Problem 10-53 Part a (Algo) a. What is the allowable depreciation on Evergreen's property in the current year, assuming Evergreen does not elect 5179 expense and elects out of bonus depreciation? Note: Round your Intermediate calculations to the nearest whole dollar amount.! Required information E8-4 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Depreciation (Straight-Line Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.] During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $26,000. On the date of delivery, January 2, the company paid $7,000 on the machine, with the balance on credit at 11 percent interest due in six months. On January 3, it paid $1,100 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,700. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,000. E8-4 Part 3 3. Compute the depreciation expense to be reported for Year 1. Depreciation expenseRequired information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Date Acquired 3/6 Asset Cost Basis Computer equipment Furniture Commercial building $ 16,000 $ 24,700 $ 284,000 6/10 11/24 Assuming DLW does not elect $179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) b. What is DLW's year 3 cost recovery for each asset if DLW sells these assets on 4/2 of year 3? Year 3 Cost Recovery Asset Computer equipment Furniture Commercial building Total $
- ! Required information Problem 7-5A (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] University Car Wash purchased new soap dispensing equipment that cost $243,000 including installation. The company estimates that the equipment will have a residual value of $28,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: 3 Year 1 2 4 5 Year 1 2 6 Total 3 4 5 6 Problem 7-5A (Algo) Part 2 Hours Used 2,700 2,000 2. Prepare a depreciation schedule for six years using the double-declining-balance method. (Do not round your intermediate calculations.) 2,100 1,900 1,700 2,100 Depreciation Expense UNIVERSITY CAR WASH Depreciation Schedule-Double-Declining-Balance End of Year Amounts Accumulated Depreciation Book Value! Required information Problem 7-5A (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] University Car Wash purchased new soap dispensing equipment that cost $243,000 including installation. The company estimates that the equipment will have a residual value of $28,500. University Car Wash also estimates it will use the machine for six years or about 12,500 total hours. Actual use per year was as follows: 1 2 3 Year 4 Year 1 Problem 7-5A (Algo) Part 1 2 Required: 1. Prepare a depreciation schedule for six years using the straight-line method. (Do not round your intermediate calculations.) 5 6 Total 4 5 Hours Used 2,700 2,000 2,100 1,900 1,700 2,100 UNIVERSITY CAR WASH Depreciation Schedule-Straight-Line End of Year Amounts Depreciation Expense Accumulated Depreciation Book Value! Required information [The following information applies to the questions displayed below.] DLW Corporation acquired and placed in service the following assets during the year: Date Acquired 2/24 4/17 Cost Basis $ 12,000 $ 26,400 $ 264,000 11/5 Asset Computer equipment Furniture Commercial building Assuming DLW does not elect §179 expensing and elects not to use bonus depreciation, answer the following questions: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. a. What is DLW's year 1 cost recovery for each asset? Asset Computer equipment Furniture Commercial building Total Year 1 Cost Recovery $ $ $ $ 2,400 3,773 845 7,018
- ! Required information Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The following information applies to the questions displayed below.] Onslow Co. purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine and an additional $1,600 to secure it in place. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of. 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry worksheet 1 2 > Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal 2. Prepare journal entries to record depreciation of the machine at December 31. View transaction list Journal entry…! Required information E9-2 (Algo) Computing and Recording a Basket Purchase and Straight-Line Depreciation [LO 9-2, LO 9-3] [The following information applies to the questions displayed below.] Bridge City Consulting bought a building and the land on which it is located for $200,000 cash. The land is estimated to represent 60 percent of the purchase price. The company paid $30,000 for building renovations before it was ready for use. E9-2 (Algo) Part 3 and 4 3. Compute straight-line depreciation on the building at the end of one year, assuming an estimated 10-year useful life and a $23,000 estimated residual value. (Do not round intermediate calculations.) 4. What should be the book value of (a) the land and (b) the building at the end of year 2? 3. Straight-Line Depreciation 4(a). Land 4(b). BuildingRequired information P8-3 Computing the Acquisition Cost and Recording Depreciation under Three Alternative Methods LO8- 2, 8-3 [The following information applies to the questions displayed below.) At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage, Inc. The machines immediately were overhauled, installed, and started operating. The machines were different; therefore, each had to be recorded separately in the accounts. Machine A Machine D Machine C Amount paid tor asset Installation costa Renovation costs prior to use $ 27,200 S 34,000 1,500 2,900 1,400 1,400 $ 22,300 1,000 1,900 By the end of the first year, each machine had been operating 6,200 hours. P8-3 Part 2 2. Prepare the entry to record depreciation expense at the end of year 1, assuming the following. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ESTIMATES Residual Value $1,500 Depreciation Method Hachine…