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12.31.18 depreciation for the office equipment- 32,000 "double declining method" office equipment - asset were purchased...
12.31.18 depreciation for the office equipment- 32,000 "double declining method" office equipment - asset were purchased may 1, residual value = 5,000; service life is estimated to be 5 years.
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Double declining depreciation rate=100%/5*2=40%. Depreciation in first year will be for 8 months starting from May 1st. Depreciation will be restricted to residual value in year 4. Please write back for issues with answer, if any. |
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ekkarill92 answered 1 year agoRelated Solutions
12.31.18 depreciation for the office equipment- 32,000 "double declining method" office equipment - asset were purchased...
12.31.18 depreciation for the office equipment- 32,000 "double
declining method" office equipment - asset were purchased may 1,
residual value = 5,000; service life is estimated to be 5
years.
Real Estate Office A real estate office using the double-declining-balance method of depreciation purchased office...
Real Estate Office
A real estate office using the double-declining-balance method
of depreciation purchased office furniture costing $9,000 and put
it in use on April 1. The furniture is expected to have a useful
life of 10 years and an estimated resale value of $600.
Refer to the Real Estate Office scenario. Compute the
depreciation expense for April 1 through December 31 of the first
tax year and all 12 months of the second and third years.
ABC Company has the following asset on its books: Using the double declining balance depreciation method,...
ABC Company has the following asset on its books: Using the
double declining balance depreciation method, what is the
depreciation expense in years 1 through 4.
Truck
cost
31,000
Salvage
value
1,000
Estimated life in years
4
Estimated life in miles 100,000
Miles driven in years 1 = 25,000, year 2 = 20,000, year 3 = 33,000,
year 4 = 24,000
Question 9 options:
a)
year 1 = 7,500, year 2 =...
22. Mike’s Tires uses the double-declining-balance method to calculate depreciation for its truck. The company purchased...
22. Mike’s Tires uses the double-declining-balance method to
calculate depreciation for its truck. The company purchased the
truck on September 2, 2015, for $15,200 and a $250 delivery fee.
The company expects the truck to last 20 years and have a $1,700
salvage value at that date. Calculate the following: a.
Double-declining balance rate
b. Depreciation expense for 2015
c. Depreciation expense for 2016
The method of depreciation was changed from the double-declining-balance method to the straight-line method in fiscal...
The method of depreciation was changed from the
double-declining-balance method to the straight-line method in
fiscal 2015. A machine was purchased on January 1, 2014 at a cost
of $150,000. The machine has an estimated useful life of 10 years
and a residual value of $9,000. What should have been booked as
depreciation expense in fiscal 2015?
given equipment cost $100,000 life 4years method of depreciation double declining balance record the entry when...
given equipment cost $100,000
life 4years
method of depreciation double declining balance
record the entry when purchased if the equipment was purchased
for cash
cash I
the equipment is used for 6years and the disposed
record the entry for this transaction
cashII
the equipment is sold at the end of 3years for $15,000
record the entry for this transaction
cashII
the equipment is solf at the end of 3years for $15,000
record the entry for this transaction
Swifty Company purchased equipment for $1008000 on January 1, 2020, and will use the double-declining-balance method...
Swifty Company purchased equipment for $1008000 on January 1,
2020, and will use the double-declining-balance method of
depreciation. It is estimated that the equipment will have a 3-year
life and a $43000 salvage value at the end of its useful life. The
amount of depreciation expense recognized in the year 2022 will
be
Crane Company purchased equipment for $100000 on January 1, 2020 and will use the double-declining-balance method...
Crane Company purchased equipment for $100000 on January 1, 2020
and will use the double-declining-balance method of depreciation.
It is estimated that the equipment will have a 5-year life and a
$18000 salvage value at the end of its useful life. The amount of
depreciation expense recognized in the year 2022 will be
$13536.
$19680.
$14400.
$24000.
On October 1, 2022, Blossom Company places a new asset into
service. The cost of the asset is $120000 with an estimated 4-year...
4) Double-declining-balance depreciation: A) is an accelerated depreciation method. B) ignores the residual value in computing...
4) Double-declining-balance depreciation: A) is an accelerated
depreciation method. B) ignores the residual value in computing
depreciation, except during the last year. C) is based on the book
value of the plant asset. D) is all of the above.
5) All of the following are needed to measure depreciation,
EXCEPT for: A) cost. B) market value. C) estimated useful life. D)
estimated residual value.
6) A depreciation method in which an equal amount of
depreciation expense is assigned to each...
Double-Declining-Balance Depreciation A small delivery truck was purchased on January 1 at a cost of $29,600....
Double-Declining-Balance Depreciation
A small delivery truck was purchased on January 1 at a cost of
$29,600. It has an estimated useful life of four years and an
estimated salvage value of $5,920.
Prepare a depreciation schedule showing the depreciation
expense, accumulated depreciation, and book value for each year
under the double-declining-balance method. If an amount box does
not require an entry, leave it blank.
Small
Delivery Truck
Depreciation Schedule
On
January 1
Year
Book Value
Beginning of Year x
Rate...
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