176.A company's property records revealed the following information about one of its plant assets:
CostSalvage ValuePurchase DateEstimated LifeDepreciation Method
$450,000$30,00010/017 yearsStraight-line
Calculate the depreciation expense for the asset in Year 1 and Year 2 for the year ended December 31.
Year 1 ______________________ Year 2 _______________________
177.A company's property records revealed the following information about one of its plant assets:
CostSalvage
ValuePurchase
DateEstimated Life
Depreciation Method
154,00015,00001/0110 yearsDouble-declining balance
Calculate the depreciation expense in Year 1 and Year 2 for the year ended December 31.
Year 1 ______________________ Year 2 _______________________
178.A company purchased a delivery van on October 1 of the current year at a cost of $40,000. The van is expected to last six years and has a salvage value of $2,200. The company's annual accounting period ends on December 31.
1. What is the depreciation expense for the current year, assuming the straight-line method is used?
2. What is the book value of the van at the end of the first year?
179.A building was purchased for $370,000 and depreciated for ten years on a straight-line basis under the assumption it would have a twenty-year life and a $10,000 salvage value. At the beginning of the building's eleventh year it was recognized the building had eight years of remaining life instead of ten and that at the end of the remaining eight years its salvage value would be $16,000. What amount of depreciation should be recorded in each of the building's remaining eight years?
180.Greene Company purchased a machine for $75,000 that was expected to last 6 years and to have a salvage value of $6,000. At the beginning of the machine's fourth year the company decided that the estimated useful life should be revised to a total of 10 years instead of 6 years. Also, the salvage value was re-estimated to be $5,500. Straight-line depreciation was used throughout the machine's life. Calculate the depreciation expense for the fourth year of the machine's useful life.