AlignmentttingTableV18frNumberStylesAB.-Calculate the depreciation on an asset that originally cost $812,000, has a salvage value of $52,000KB and an estimated useful life of 6 years.10 You only need to record the FIRST 4 years using each method11 SHOW YOUR CALCULATIONS.1213 STRAIGHT LINE14YEAR1SHOW YOUR WORK HERE15YEAR 216YEAR 317YEAR 4181920 Double Declining Balance21SHOW YOUR WORK HERE22YEAR123YEAR 224YEAR 325YEAR 4262728 Sum of the Years DigitsSHOW YOUR WORK HERE2930YEAR131YEAR 232YEAR 333YEAR 4Sheet1Ready17

Name: AlignmentttingTableV18frNumberStylesAB.-Calculate the depreciation on
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: AlignmentttingTableV18frNumberStylesAB.-Calculate the depreciation on an asset that originally cost $812,000, has a salvage value of $52,000KB and an estimated useful life of 6 years.10 You only need to record the FIRST 4 years using each method11 S

Straight line method Depreciation = (Cost- Salvage value)/ Useful life Double declining method…

Business

Accounting

G Calculate the depreciation on an asset that originally cost $812,000, has a salvage value of $52,000 and an estimated useful life of 6 years. H. M You only need to record the FIRST 4 years using each method SHOW YOUR CALCULATIONS. B STRAIGHT LINE YEAR1 SHOW YOUR WORK HERE YEAR 2 YEAR 3 YEAR 4 18 19 20 Double Declining Balance 21 SHOW YOUR WORK HERE 22 YEAR1 23 YEAR 2 24 YEAR 3 25 YEAR 4 26 27 28 Sum of the Years Digits SHOW YOUR WORK HERE 29 30 YEAR1 31 YEAR 2 32 YEAR 3 33 YEAR 4

G Calculate the depreciation on an asset that originally cost $812,000, has a salvage value of $52,000 and an estimated useful life of 6 years. H. M You only need to record the FIRST 4 years using each method SHOW YOUR CALCULATIONS. B STRAIGHT LINE YEAR1 SHOW YOUR WORK HERE YEAR 2 YEAR 3 YEAR 4 18 19 20 Double Declining Balance 21 SHOW YOUR WORK HERE 22 YEAR1 23 YEAR 2 24 YEAR 3 25 YEAR 4 26 27 28 Sum of the Years Digits SHOW YOUR WORK HERE 29 30 YEAR1 31 YEAR 2 32 YEAR 3 33 YEAR 4

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter9: Depreciation (deprec)

Section: Chapter Questions

Problem 5R: A truck was recently purchased for 75,000 with a salvage value of 5,000 and an estimated useful life...

See similar textbooks

Similar questions

Dunedin Drilling Company recently acquired a new machine at a cost of 350,000. The machine has an estimated useful life of four years or 100,000 hours, and a salvage value of 30,000. This machine will be used 30,000 hours during Year 1, 20,000 hours in Year 2, 40,000 hours in Year 3, and 10,000 hours in Year 4. With DEPREC5 still on the screen, click the Chart sheet tab. This chart shows the accumulated depreciation under all three depreciation methods. Identify below the depreciation method that each represents. Series 1 _____________________ Series 2 _____________________ Series 3 _____________________ When the assignment is complete, close the file without saving it again. Worksheet. The problem thus far has assumed that assets are depreciated a full year in the year acquired. Normally, depreciation begins in the month acquired. For example, an asset acquired at the beginning of April is depreciated for only nine months in the year of acquisition. Modify the DEPREC2 worksheet to include the month of acquisition as an additional item of input. To demonstrate proper handling of this factor on the depreciation schedule, modify the formulas for the first two years. Some of the formulas may not actually need to be revised. Do not modify the formulas for Years 3 through 8 and ignore the numbers shown in those years. Some will be incorrect as will be some of the totals. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as DEPRECT. Hint: Insert the month in row 6 of the Data Section specifying the month by a number (e.g., April is the fourth month of the year). Redo the formulas for Years 1 and 2. For the units of production method, assume no change in the estimated hours for both years. Chart. Using the DEPREC5 file, prepare a line chart or XY chart that plots annual depreciation expense under all three depreciation methods. No Chart Data Table is needed; use the range B29 to E36 on the worksheet as a basis for preparing the chart if you prepare an XY chart. Use C29 to E36 if you prepare a line chart. Enter your name somewhere on the chart. Save the file again as DEPREC5. Print the chart.
Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the purchase of the printer impacts not only depreciation expense each year but also the assets book value. What amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded?
A truck was recently purchased for 75,000 with a salvage value of 5,000 and an estimated useful life of eight years or 150,000 miles (24,000 miles per year for the first five years and 10,000 miles per year after that). Enter the new information in the Data Section of the worksheet. Again, make sure the totals for all three methods are in agreement. Print the worksheet. Save this new data as DEPREC5.
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.
1. The cost of a machine is RM7000 and its salvage value is RM800 at the end of 9 years. No use excel. Calculate the depreciation and the book value for the 4th year using the straight-line method. (D = RM688.89 , BV4 = RM4244.44)
You purchased a piece of equipment that cost 129,250.00The expected useful life is 6.00 The estimated salvage value is 12,250.00Estimated units of production are 175,500.00Year Units Produced1 35,000.002 35,000.003 30,000.004 30,000.005 25,000.006 25,000.00 180,000.00REQUIRED1. Compute the depreciation schedules below based on:a. Straight Lineb. Units of productionsc. Double Declining Balance
XZelent Corporation purchased equipment at a cost of P18M. The cost of repairs amounted to P2.5M. The estimated salvage value after 15 years was P2M. Eight years later, the equipment is rehabilitated at a cost of P4M. Salvage value and economic life were expected to increase by P0.5M and five years. Using the (Sum of Years Depreciation) SYD method, determine the book value at the end of 15 years. (Ans. P4003 205.13)
SHOW COMPUTATION AND SOLUTION An equipment cost P67,000 and has a life of 10 years and salvage value of P53,500. Determine its book value at the end of 8 years by Double-Declining Balance Method. a. 11,240.73 b. 49,436.35 c. 12,350.94 d. 48,710.00
1. Lloyd Company purchased a depreciable asset for P1,360,000. The estimated salvage value is P360,000, and the estimated useful life is 8 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the second year on this asset? * Choices: 125000 170000 187000 255000
An equipment is bought at P420,000 with an estimated salvage value of P50,000. Using the Declining Balanced method, the first year depreciation is P 125,412. Find the life of the equipment, in years. Select one: a. 6 b. 7 c. 8 d. 5
1. An equipment costing P750,000 has a life expectancy of 6 years. Using the sum-of-year’s digit method of depreciation, what must be its salvage value such that its depreciation charge at the fifth year is P52,380.95? A. P400,000 B. P250,000 C. P300,000 D. P200,000
A machine costs PhP 7 654 + 32 x (01), lasts 8 years and has a salvage value at the end of PhP 345. Determine the follwoing: a. Depreciation charge during the 6th year using sum of years digit methodb. book value at the end of the 6th year using declining balance methodKindly provide a COMPLETE and CLEAR solutions.