Entries by Munene david

Cambridge Company purchased a truck on January 1, 2018

May 6, 2020 in /by

Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $23,000 for the truck. The truck is expected to have a $3,000 residual value and a 5-year life. Cambridge has a December 31 fiscal year end. Using the double-declining balance method, how much is the 2019 depreciation expense? (Enter only whole dollar values.) Hint: what is the year […]

 

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Cambridge Company purchased a truck on January 1, 2018

May 6, 2020 in /by

Cambridge Company purchased a truck on January 1, 2018. Cambridge paid $18,000 for the truck. The truck is expected to have a $2,000 residual value and a 4-year life. Cambridge has a December 31 fiscal year end. Using the straight-line method, how much is the 2019 depreciation expense? (Enter only whole dollar values.   Looking for a Similar […]

 

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Somerset Company acquired a piece of equipment with a list price

May 6, 2020 in /by

Somerset Company acquired a piece of equipment with a list price of $200,000 for $150,000. Freight to Somerset’s location was $4,000. Installation and testing costs were $9,500. An old piece of equipment was scrapped as a result of this new purchase. The old piece of equipment had an undepreciated value (net book value) of $8,000. The new piece of equipment […]

 

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February 1, 2018, Salisbury Company purchased land

May 6, 2020 in /by

February 1, 2018, Salisbury Company purchased land for the future factory location at a cost of $77,000.  The dilapidated building that was on the property was demolished so that construction could begin on the new factory building. The new factory was completed on November 1, 2018. Costs incurred during this period were: Item Amount Demolition dilapidated […]

 

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