d. an abandonment of the asset. =======================================
ACC 304 Week 4 Chapter 11 Homework For more course tutorials visit www. tutorialrank. com
ACC 304 Week 4 Chapter 11 Homework
1) Lockard Company purchased machinery on January 1, 2014, for $ 102,960. The machinery is estimated to have a salvage value of $ 10,296 after a useful life of 8 years.
2) Compute 2014 depreciation expense using the doubledeclining-balance method.
3) Compute 2014 depreciation expense using the doubledeclining-balance method, assuming the machinery was purchased on October 1, 2014.
4) Everly Corporation acquires a coal mine at a cost of $ 452,000. Intangible development costs total $ 113,000. After extraction has occurred, Everly must restore the property( estimated fair value of the obligation is $ 90,400), after which it can be sold for $ 180,800. Everly estimates that 4,520 tons of coal can be extracted.
d. an abandonment of the asset. =======================================
ACC 304 Week 4 Chapter 11 Homework For more course tutorials visit www. tutorialrank. com
ACC 304 Week 4 Chapter 11 Homework
1) Lockard Company purchased machinery on January 1, 2014, for $ 102,960. The machinery is estimated to have a salvage value of $ 10,296 after a useful life of 8 years.
2) Compute 2014 depreciation expense using the doubledeclining-balance method.
3) Compute 2014 depreciation expense using the doubledeclining-balance method, assuming the machinery was purchased on October 1, 2014.
4) Everly Corporation acquires a coal mine at a cost of $ 452,000. Intangible development costs total $ 113,000. After extraction has occurred, Everly must restore the property( estimated fair value of the obligation is $ 90,400), after which it can be sold for $ 180,800. Everly estimates that 4,520 tons of coal can be extracted.