Calculate the book value of the equipment

Assignment Help Accounting Basics
Reference no: EM131751492

On January 1, 2018, XYZ Company paid $380,000 to purchase land, building, and equipment. The market values of these assets on that date were: land $80,000; building $200,000; equipment $120,000. Before the property could be used, XYZ Company had to spend $6,000 to put the equipment in working order. The equipment was assigned a useful life of 15 years with a $12,000 salvage value. The equipment will be depreciated using the straight-line method.

On January 1, 2025, XYZ Company decided the life of the equipment should be revised from15 to 25 years with a salvage value of $3,000 at the end of the 25 years.

Calculate the book value of the equipment at December 31, 2027. Do not use decimals in your answer.

Reference no: EM131751492

Questions Cloud

Business needs more money : Five months after the business is started, Carl realizes that the business needs more money than he can afford. In fact, it is in debt for over $100,000
Calculate the net cash flow from investing activities : Calculate the net cash flow from investing activities for 2018. If your answer is negative, place a minus sign in front of your
Discuss your ideas in terms of the human service profession : Discuss your ideas in terms of the human service profession of how the right to privacy can be protected in an evolving, open information society?
Prepare the net journal entry : Loan 1 is a 4%, five-year balloon loan for $3,000,000 with interest due and paid annually on December 31. Prepare the net journal entry to correct Year 1
Calculate the book value of the equipment : Calculate the book value of the equipment at December 31, 2027
How human resource function interacts with other functions : The objective of this assessment is to demonstrate your understanding of how the human resource function interacts with other functions in the organization.
Media and the human service agenda : Takes an aggressive adversarial role in accomplishing the human services agenda. Do you agree with this approach? Why or why not?
Find the inventory turnover at cost : If the beginning inventory at cost was $561,900 and the ending inventory at cost was $302,300, find the inventory turnover at cost
Determine the net present value of the investment in machine : What is the difference between the total, undiscounted cash inflows and cash outflows over the entire life of the machine

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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