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- A company purchased new mining equipment in year 2018 by paying $400,000 cash. The company plans to keep the equipment for several years and use MACRS-GDS depreciation for tax purposes. Click the icon to view the partial listing of depreciable assets used in business. Click the icon to view the GDS Recovery Rates (rk). Calculate the depreciation that the company claimed on the asset for year 2 of ownership. A. $48,980 B. $34,980 C. $17,840 D. $69,960 E. $97,960 Calculate the book value of the asset at the end of year 2. ○ A. $365,020 B. $293,860 OC. $209,900 OD. $244,880 O E. $174,920A company purchased new mining equipment in year 2018 by paying $400,000 cash. The company plans to keep the equipment for several years and use MACRS-GDS depreciation for tax purposes. Click the icon to view the partial listing of depreciable assets used in business. Click the icon to view the GDS Recovery Rates (k). Calculate the depreciation that the company claimed on the asset for year 2 of ownership. OA. $48,980 OB. $34,980 OC. $17,840 O D. $69,960 ○ E. $97,960 Calculate the book value of the asset at the end of year 2. OA. $365,020 OB. $293,860 OC. $209,900 More Info O D. $244,880 O E. $174,920 C More Info GDS Recovery Rates (r) for the Six Personal Property Classes Recovery Period (and Property Class) Year 3-year 5-year 7-year³ 10-year² 15-yearb 20-yearb 1 0.3333 0.2000 0.1429 0.1000 0.0500 0.0375 2 0.4445 0.3200 0.2449 0.1800 0.0950 0.0722 3 0.1481 0.1920 0.1749 0.1440 0.0855 0.0668 4 0.0741 0.1152 0.1249 0.1152 0.0770 0.0618 0.1152 0.0893 0.0922 0.0693 0.0571 0.0576 0.0892…Please use depreciation method
- Define the term Depreciation?A new $15.000 car will epreciane over 5 years based on SYD method of depreciation. The fiest years depreciation is 3,400. Find the end of year book value for year 2 and the total depreciation for year 4 Match each item to a choice Total Depreciation (D4) Book Value (C2)Question One ( A drilling rig was purchased for 1.8 million dollars. It has an estimated life of 10 years, and the salvage value at that time is expected to be $500,000. After 5 years what will be the total depreciation charged for a) straight line depreciation, b) sum of the years' digit depreciation.
- AN EQUIPMENT WAS PURCHASED FOR P500,000.00. END OF LIFE COST AFTER 25 YEARS IS P100,000.00. FIND THE CUMULATIVE DEPRECIATION FOR THE FIRST 3 YEARS USING STRAIGHT LINE METHOD.iven:Type of Equipment: Office furniturePurchase price = $2400Useful life = 10 yearsEstimated salvage value $200 What would be the first year's depreciation if Double Declining Balance depreciation is used? (assume no conversion to straight-line is intended)The cost of a certain asset is $3,000, its life is 6 years and scrap value is $500. Find the annual rate of depreciation under constant percentage method and construct the depreciation schedule.
- If a condensing unit was bought at 50,000 having a useful life of 5 years and a salvage value of 10,000, what is the annual depreciation? Use straight line depreciation. Your answer should only be a REAL NUMBER with NO UNITS and NO COMMAS. Round off to nearest 2 decimal places (e.g. 2500.36).If a condensing unit was bought at 50,000 having a useful life of 5 years and a salvage value of 10,000, what is the book value at the end of the 1st year? Use straight line depreciation. Your answer should only be a REAL NUMBER with NO UNITS and NO COMMAS. Round off to nearest 2 decimal places (e.g. 2500.36).Calculate the expected hourly pwning and operating cost for the fourth year of the operation of the twin engine scraper with the following information. Use the sum of the year's digits method of depreciation. Delivered price Tire cost $420,000 $48,000 5 years $57,000 %8 of amount to be depreciated %13 of book value (end of period) Estimated life Salvage value Investment cost for the fourth year Tax, insurance and storage for fourth year Operating conditions Rated power Fuel price Operator's wages Hours operated Equipment remains idle for 16 days during the year; 1 year=52 weeks=365 days Cost of special items Severe 580 hp $5.18/gallon $28.00/hour 5 days a week and 11 hours per day $24.02/hour