Depreciation by two methodsA storage tank acquired at the beginning of the fiscal year at a cost of $104,400 has an estimated residual value of $15,000 and an estimated useful life of 10 years. Thisinformation has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.XxOpen spreadsheeta. Determine the amount of annual depreciation by the straight-line method. Round your answer to the nearest dollar.b. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method. Do not round the double-decliningbalance rate. Round your answers to the nearest dollar.Year 1Year 2Depreciation

A tangible item's cost can be spread out over the period of its useful life using the accounting…

Depreciation by two methods A storage tank acquired at the beginning of the fiscal year at a cost of $104,400 has an estimated residual value of $15,000 and an estimated useful life of 10 years. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X THUH Open spreadsheet a. Determine the amount of annual depreciation by the straight-line method. Round your answer to the nearest dollar. b. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method. Do not round the double-declining balance rate. Round your answers to the nearest dollar. Year 1 Year 2 Depreciation

Depreciation by two methods A storage tank acquired at the beginning of the fiscal year at a cost of $104,400 has an estimated residual value of $15,000 and an estimated useful life of 10 years. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X THUH Open spreadsheet a. Determine the amount of annual depreciation by the straight-line method. Round your answer to the nearest dollar. b. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method. Do not round the double-declining balance rate. Round your answers to the nearest dollar. Year 1 Year 2 Depreciation

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.5: Declining-balance Method Of Depreciation

Problem 1WT

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Depreciation by two methods A storage tank acquired at the beginning of the fiscal year at a cost of $82,800 has an estimated residual value of $12,000 and an estimated useful life of 10 years. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Determine the amount of annual depreciation by the straight-line method. Round your answer to the nearest dollar. ____________________ Determine the amount of depreciation for the first and second years computed by the double-declining-balance method. Do not round the double-declining balance rate. Round your answers to the nearest dollar. Depreciation Year 1 Year 2
Straight-Line Depreciation A computer was purchased on January 1 at a cost of $13,000. It has an estimated useful life of five years and an estimated salvage value of $1,300. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Prepare a depreciation schedule showing the depreciation expense, accumulated depreciation, and book value for each year under the straight-line method. Computer Depreciation Schedule Depreciable Depreciation Accumulated Year Cost Rate Expense Depreciation Book Value 1 $4 3 4 5 %
Partial-year depreciation Equipment acquired at a cost of $110,000 has an estimated residual value of $7,000 and an estimated useful life of 10 years. It was placed into service on May 1 of t current fiscal year, which ends on December 31. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Round your answers to the nearest dollar. Year 1 Year 2 Year 1 Depreciation Year 2 $ b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Do not round the double-declin balance rate. Round your answers to the nearest dollar. Depreciation $ Incorrect $
Equipment acquired at a cost of $96,000 has an estimated residual value of $6,000 and an estimated useful life of 10 years. It was placed in service on May 1 of the current fiscal year, which ends on December 31. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Round your answers to the nearest dollar. Depreciation Year 1 S Year 2 $ b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Do not round the double-declining balance rate. Round your answers to the nearest dollar. Depreciation Year 1 S Year 2 S
Depreciation by two methods A Kubota tractor acquired on January 8 at a cost of $82,000 has an estimated useful life of 4 years. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Assuming that it will have no residual value, determine the depreciation for each of the first two years: by the straight-line method. Round your answers to the nearest dollar. First Year Second Year by the double-declining-balance method. Round your answers to the nearest dollar. First Year Second Year
Units-of-activity depreciation A tractor acquired at a cost of $400,000 has an estimated residual value of $122,800, has an estimated useful life of 36,000 hours, and was operated 4,670 hours during the year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Determine the following. Round your answer for depreciation rate to two decimal places. a. The depreciable cost b. The depreciation rate c. The units-of-activity depreciation for the year per hour
To test your formulas, assume the machine purchased had an estimated useful life of three years (20,000, 30,000, and 50,000 hours, respectively). Enter the new information in the Data Section of the worksheet. Does your depreciation total 320,000 under all three methods? There are three common errors made by students completing this worksheet. Lets clear up two of them. One, an asset that has a three-year life should have no depreciation claimed in Year 4. This can be corrected using an =IF statement in Year 4. For example, the correct formula in cell C32 is =IF(B32D9,0,(D7D8)/D9) or =IF(B32D9, 0, SLN(D7, D8, D9)). You may wish to edit what you have already entered rather than retype it. Two, as mentioned in requirement 2, the double-declining-balance calculation needs to be modified in the last year of the assets life. Assuming you have already modified the formula for Year 4 (per instructions in step 2), alter the formula for Year 3 also. If you corrected any formulas, test their correctness by trying different estimated useful lives (between 3 and 8) in cell E9. Then reset the Data Section to the original values, save the revised file as DEPREC2, and reprint the worksheet to show the correct formulas. The third common error doesnt need to be corrected in this problem. The general form of the double-declining-balance formula needs to be modified to check the net book value of the asset each year to make sure it does not go below salvage value. =DDB does this automatically, but if you are writing your own formulas, this gets very complicated and is beyond the scope of the problem.
Calculate the total cost, total depreciation, and annual depreciation (in $) for the following assets by using the straight-line method. (Round your answers to the nearest cent.) Cost ShippingCharges SetupCharges TotalCost SalvageValue EstimatedUseful Life(years) TotalDepreciation AnnualDepreciation $800,000 0 $15,600 $ $100,000 15 $ $
Depreciation by two methods A Kubota tractor acquired on January 8 at a cost of $65,000 has an estimated useful life of 10 years. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Assuming that it will have no residual value, determine the depreciation for each of the first two years: a. by the straight-line method. Round your answers to the nearest dollar. First Year Second Year b. by the double-declining-balance method. Round your answers to the nearest dollar. First Year Second Year 24
Show Me How Print Item Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $1,630,000 has an estimated residual value of $340,000 and an estimated useful life of 10 years. Determine the following. a. The depreciable cost b. The straight-line rate c. The annual straight-line depreciation Check My Work Email Instructor All work saved. GMX earch 近

Solve step by step (in digital format), explain your entire procedure please, make the corresponding tables XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX A farmer buys a tractor for $505,000, it has a useful life of 7 years, it is depreciated by the method of sum of the digits of the years. Find the annual book value and depreciation charges if the salvage value is $280,000. XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Consider the following accounting information for a computer system: Cost basis of the asset, I = $10,000, Useful life, N = 5 years, Estimated salvage value, S = $0. Use the double-declining-depreciation method to compute the annual depreciation allowances and the resulting book values.