Home / Questions / Depletion should be reported as an ________ on the income statement. 43) The three categ

Depletion should be reported as an ________ on the income statement. 43) The three categ

 Depletion should be reported as an ________ on the income statement.

43) The three categories of writing off fixed and intangible assets are ________, ________, and ________.

44) Tender Years purchased a new van on January 1, 2009, for $40,000. The life of the van is 4 years or 100,000 kilometres, with an estimated residual value of $5,000. During the first year, the van was driven 20,000 kilometres. Compute the amortization for the first year applying each of the methods below.

a. ________ Straight-line

b. ________ Units-of-production

c. ________ Double-declining-balance

45) Yamara Company purchased a $60,000 machine at the beginning of the year. The machine is expected to have a useful life of 5 years or 20,000 operating hours and a residual value of $10,000. Compute the amount of amortization for the first and second years under each of the methods below.

 

Year 1Year 2Method

a. $________________$________________Straight-line

b. $________________$________________Units-of-production: production in

year 1, 5,000 hours; year 2, 6,000 hours

c. $________________$________________Double-declining-balance

Dec 07 2019 Read more Less More

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