Business, 30.04.2021 16:00 V3ga661

Annual depreciation expense on a building purchased a few years ago (using the straight-line method) is $4,500. The cost of the building was $90,000. The current book value of the equipment (January 1, 2021) is $76,500. At the time of purchase, the asset was estimated to have a zero salvage value. On January 1, 2021, the company decided to reduce the original useful life by 25% and to establish a salvage value of $4,500. The firm also decided double-declining-balance depreciation was more appropriate. Ignore tax effects. Required: 1. Prepare the journal entry, if any, to report the accounting change under GAAP. 2. Record the annual depreciation for 2021.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 06:30

If a team of three workers, each making the u.s. federal minimum wage, produced these 12 rugs, what would the total labor cost be? don't forget that these workers would be working overtime.

Answers: 3

Answer

Business, 22.06.2019 08:00

Interest is credited to a fixed annuity no lower than the variable contract rate contract guaranteed rate current rate of inflation prime rate

Answers: 2

Answer

Business, 22.06.2019 20:40

On january 1, 2017, pharoah company issued 10-year, $2,020,000 face value, 6% bonds, at par. each $1,000 bond is convertible into 16 shares of pharoah common stock. pharoah’s net income in 2017 was $317,000, and its tax rate was 40%. the company had 97,000 shares of common stock outstanding throughout 2017. none of the bonds were converted in 2017. (a) compute diluted earnings per share for 2017. (round answer to 2 decimal places, e.g. $2.55.) diluted earnings per share

Answers: 3

Answer

Business, 22.06.2019 23:40

8. problems and applications q8there are four consumers willing to pay the following amounts for haircuts, and there are four haircutting businesses with the following costs: consumers' willingness to payyvette: $35cho: $15sean: $45bob: $25firms' costsfirm a: $40firm b: $20firm c: $10firm d: $30each firm has the capacity to produce only one haircut.for should be given.which businesses should cut hair? check all that apply.firm afirm bfirm cfirm dwhich consumers should have their hair cut? check all that apply.bobchoseanyvettethe maximum possible total surplus is

Answers: 3

Answer

You know the right answer?

Annual depreciation expense on a building purchased a few years ago (using the straight-line method)...

Questions