Calculate depreciation on the drilling machine for 2011

Assignment Help Cost Accounting
Reference no: EM13539971

On March 30, 2011, Calvin Exploration purchased a drilling machine for $840,000. The estimated useful life of the machine is 10 years, and no residual value is anticipated.

An important component of the machine is the drill housing component that will need to be replaced in five years. The $200,000 cost of the drill housing component is included in the $840,000 cost of the machine. Calvin uses the straight-line depreciation

Required:

a. Calculate depreciation on the drilling machine for 2011 and 2012 applying the typical U.S. GAAP treatment.

b. Repeat requirement 1 applying IFRS.

Reference no: EM13539971

Questions Cloud

Find the intensity of the laser : A laser has a power of 22.9 W and a beam radius of 0.515 mm. Find the intensity of the laser
Journal entries relative to uncollectible accounts : Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense and show the year-end balance sheet presentation for accounts receivable.
Mutual inductance of the combination of the two coils : A 10.0 -long solenoid of diameter 0.400 is wound uniformly with 800 turns. A second coil with 50.0 turns is wound around the solenoid at its center.What is the mutual inductance of the combination of the two coils?
A closely wound rectangular coil : A closely wound rectangular coil of 95.0 turns has dimensions of 23.0 by 42.0 . The plane of the coil is rotated from a position where it makes an angle of 38.0 with a magnetic field of 2.00 to a position perpendicular to the field. The rotation take..
Calculate depreciation on the drilling machine for 2011 : Calculate depreciation on the drilling machine for 2011 and 2012 applying the typical U.S. GAAP treatment and repeat requirement 1 applying IFRS.
Evaluate the vertical height of the hill : a bicyclist is traveling at a speed of 20m/s as he approaches the bottom of a hill. He decides to coast up the hill and stops upon reaching the top. determine the vertical height of the hill
What is the cutoff frequency for this metal : Electrons are ejected from a certain metallic surface with speeds ranging up to 4.2 105 m/s when light with a wavelength of ? = 615 nm is used. What is the work function of the metal?
Evaluate effect on the company total net operating income : Determine the effect on the company total net operating income of accepting the special order. (Do not round intermediate calculations. Round your answer to the nearest dollar amount.
Obtain the struck balls velocity after the collision : A billiard ball moving at 6.00 m/s strikes a stationary ball of the same mass. After the collision, the first ball moves at 4.94 m/s at an angle of 34.5° with respect to the original line of motion, find the struck ball's velocity after the collisi..

Reviews

Write a Review

Cost Accounting Questions & Answers

  What effect did the borrowing transaction have on the amount

Nord Company had $375,000 of current assets and $150,000 of current liabilities before borrowing $70,000 from the bank with a 3-month note payable. What effect did the borrowing transaction have on the amount of Nord Company's working capital?

  What is the cumulative cash flow at the end of Quarter

What is the cumulative cash flow at the end of Quarter

  Calculate the cost budget in dollars

Design an input sheet that is the only source of data entry, link the input sheet with all the output sheets (budgets) and design and use formulae for calculating the figures in all the output spreadsheets.

  Question 1what is the amount of unrestricted cash and

question 1what is the amount of unrestricted cash and investments at 93015?question 2what is the amount restricted cash

  Prepare the necessary adjusting entries for terrell company

On May 31, 2014, Terrell Company had a cash balance per books of $6,781.50. The bank statement from Home Town State Bank on that date showed a balance of $6,804.60. A comparison of the statement with the cash account revealed the following facts.

  Calculate the amount of income from the partnership

Quince Interest is a partnership with a tax year that ends on September 30, 2013. During that year, Potter a partner received $3,000 per month as a guaranteed payment, and his share of partnership income after guaranteed payments was $23,000.

  Prepare journal entry to record issuance of stock exchange

Sudoku Company issues 23,000 shares of $5 par value common stock in exchange for land and a building. The land is valued at $232,000 and the building at $374,000. Prepare the journal entry to record issuance of the stock in exchange for the land a..

  Convergence of international financial reporting

convergence of international financial reporting standardsessay addressed the following questionsa. critical ly review

  Cost volume-profit analysis

Cost-Volume-Profit Analysis

  1 employees are paid bi-monthly on the 1st day of the month

1 employees are paid bi-monthly on the 1st day of the month for work performed during the last half of the last month

  Determine the weighted average cost of capital

Determine the weighted average cost of capital and the weighted marginal cost (WMCC) for each range of total financin

  Evaluate the variable utility cost per unit

Evaluate revenue must K-Henry's generate in order to reach the break-even point and the variable utility cost per unit, to the nearest cent

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd