21) Jillian Company purchased a set of fixtures on January 1, 2012. The cost was $12,000 and the set had a residual value of $2,000. The fixtures were given a useful life of 8 years. After the end...

21) Jillian Company purchased a set of fixtures on January 1, 2012. The cost was $12,000 and the set had a

residual value of $2,000. The fixtures were given a useful life of 8 years. After the end of three years, it was determined that the fixtures would be obsolete in 2 more years. Assume that the estimated residual value is still $2,000. What will be the depreciation under the straight-line method to the nearest dollar for the fourth year? What is the journal entry in the fourth year to record depreciation?

22) What is the formula to calculate straight-line depreciation?

23) It is determined that a computer's depreciation expense for the year is $3,500. What is the journal entry to record this?

24) A company purchased furniture on January 1, 2012. Its cost was $15,600 and it had a residual value of

$1,600. Its useful life is determined to be 3 years. Using double-declining balance depreciation, record the journal entry to record depreciation expense in 2013.

25) Dimitri Company has a delivery truck that was purchased for $42,000 and has a residual value of $5,000. It expects the truck to last 125,000 kilometres. During Year 1, the truck traveled 32,500 kilometres and during Year 2, the truck traveled 28,500 kilometres. What is the depreciation expense for Year 2 to the nearest dollar using the units-of-production method? (Round to three decimal places to get the unit rate.) Record the journal entry required in year 2 to record depreciation.

26) Tomisa Company has a machine with a cost of $90,000. It has a salvage value of $11,000 and a useful life of 8 years or 75,000 units of production. It was purchased on January 1, 2011. It produced 8,500 units in 2011. To the nearest dollar, what will be the depreciation expense for 2011 using:

A.straight-line depreciation?

B.double-declining-balance depreciation?

C. units-of-production depreciation?

$__________ Straight-line depreciation

$__________ Double-declining-balance depreciation

$__________ Units-of-production depreciation

27) A truck was purchased on January 2 at a cost of $60,000. It is expected to be used for 5 years and to have a residual value of $5,000 after 120,000 miles of service. The truck was driven for 23,000 miles the first year and 25,000 miles the second year. Calculate the depreciation expense to the nearest dollar for the first and second years.