Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. apex fitness club uses straight-line depreciation

Apex Fitness Club uses straight-line depreciation for a machine costing $26,900, with an estimated four-year...

50.1K

Verified Solution

Question

Accounting

Apex Fitness Club uses straight-line depreciation for a machine costing $26,900, with an estimated four-year life and a $2,450 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,000 salvage value.
Compute the machine's book value at the end of its second year.
Compute the amount of depreciation for each of the final three years given the revised estimates.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Compute the machine's book value at the end of its second year.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
\table[[Book Value at the End of Year 2:,],[Cost,],[Accumulated depreciation 2 years,],[Book value at point of revision,$
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

4. One hundred draws are made at random with replacement form the box [1  3 3  9] Assume SDb=3...

Statistics
Q

What is true about the semiconservative model of DNA replication occurs through the addition of...

Biology
Q

7 A man drags a block through 10 m on rough surface 0 5 A...

Physics
Q

What is the missing term in this sequence?0.95, 0.85, 0.90, 0.80, 2, 0.75, 0.80, ...

Geometry
Q

I Find the power series expansion of the following analytic functions at the given point...

Basic Math
Q

Kelly works two jobs. She usually works at a retail store for 7 hours during...

Basic Math
Q

The graph of y f x is shown in the figure above On which of...

Calculus
Q

A 100 acre plot of land has a concentration time of 80 minutes. The area...

Algebra
Q

John purchased 300 shares of IBM at $27 per share on 7/1/17. Answer each question...

Accounting
Q

Raw material, work in process, & supplies Finished products Total inventories at FIFO Less LIFO...

Accounting
Q

Find out cash payments to suppliers P12-4 (Algo) (Supplement A) Comparing Cash Flows from...

Accounting
Q

The Artisan Wines is a retail store selling vintage wines. On December 31, 2019, the...

Accounting