Complete the following problems. You must show your work on the math problems to get full credit. Every student is responsible for completing their own responses to the following problems.
1. Identify which of the following expenditures is considered as a capital expenditure that must be depreciated (capitalized):
a) Purchased land to build a new facility for $400,000.
b) Installed a water dispenser in a company dining area for $3250.
c) Purchased a spare part for a framing machine for $5,000.
d) Purchased a patent on an energy-saving device over six years at a cost of $42,000.
e) Purchased a fax machine for $8,000.
f) Paid $18,000 to lease a dump truck for eight months.
g) Painted the warehouse building, both interior and exterior, for $16,500.
h) Repaved a parking lot for $15,000.
i) Installed a conveyor belt system to automate some part of a production processes for $25,000.
j) Purchased a new computer system for $5,000.
2. Consider the following data on an asset:
Cost of the asset, I: $35,000
Useful life, N: 6 years
Salvage value, S: $3,000
Compute the annual depreciation allowances and the resulting book values, using the straight-line depreciation method.
3. Consider the following data on an asset:
Cost of the asset, I: $40,000
Useful life, N: 8 years
Salvage value, S: $4,500
Compute the annual depreciation allowances and the resulting book values, using the double-declining-balance method.
4. A company’s accounting record shows the following:
Truck A Truck B
Purchase Cost: $22,500 $45,000
Salvage Value: $2,000 $4,500
Useful Life (miles): 150,000 200,000
Miles Driven During Year: 13,000 24,000
Determine the amount of depreciation for each truck during the year.
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