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Posted: April 20th, 2022

Accounting (Depreciation)

Question description

Problem 1
Red
Brick Company purchased a front-end loader and tractor for $42,000 on April 1,
2011. The tractor has an estimated useful life of six years or 25,800 hours and
a residual value of $2,000. Listed in the chart below is the number of hours
the tractor and front-end loader were used during 2011 through 2017.
Year  #
of hours used
  2011  3,990
  2012  4,270
  2013  3,990
  2014  4,150
  2015  4,245
  2016  4,075
  2017  1,080
   
a)
Calculate depreciation using the straight line method for 2011 through 2017.
b)
Calculate depreciation using units of production method for 2011 through 2017.
c)
Calculate depreciation using declining balance method for 2011 through 2017.
Problem 2
Custom
Flags purchased a sewing machine in January 2012 for $8,000. Custom depreciated
the machine using the straight line method with an estimated useful life of 9 years
and a residual value of $800.

a)
Calculate depreciation using the straight line method for 2012, 2013, and 2014.
b)
Determine book value for the sewing machine as of December 31, 2014.
c)
Record the journal entry for the sale of the sewing machine on April 1, 2015
for $5,800.
d)
Record the journal entry for the sale of the sewing machine on April 1, 2015
for $5,200.

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