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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 11, Problem 8P
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 12RE
Problem 13RE
Problem 14RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 12P
Problem 13P
Problem 14P
Problem 15P
Problem 16P
Problem 17P
Problem 18P
Problem 19P
Problem 20P
Problem 21P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
25 views

Kam Company purchased a machine on January 2, 2019, for $20,000. The machine had an expected life of 8 years and a residual value of $300. The double-declining-balance method of depreciation is used.

Required:

  1. 1. Compute the depreciation expense for each year of the asset’s life and book value at the end of each year.
  2. 2. Assuming that the company has a policy of always changing to the straight-line method at the midpoint of the asset’s life, compute the depreciation expense for each year of the asset’s life.
  3. 3. Assuming that the company always changes to the straight-line method at the beginning of the year when the annual straight-line amount exceeds the double-declining-balance amount, compute the depreciation expense for each year of the asset’s life.

1.

To determine

Calculate the depreciation expense and the book value of the machinery at the end of  each year under double declining method.

Explanation

Double-declining-balance method: The depreciation method which assumes that the consumption of economic benefits of long-term asset is high in the early years but gradually declines towards the end of its useful life is referred to as double-declining-balance method.

Calculate the depreciation expense and the book value of the machinery at the end of the year for each year under double declining method as follows:

Year(a)(b)(c)(d)
Beginning Book Value ($)Depreciation rate (1)Depreciation expenses ($)Book Value ($)
(a×25%)(a−c)
2019$20,00025%$5,000$15,000
2020

($20,000−$5,000)15,000

25%3,75011,250
2021($20,000−$5,000−$3,750) 11,25025%2,8138,437
2022($20,000−$5,000−$3,750−$2,813)8,43725%2,1096,328
2023($20,000−$5,000−$3,750−$2,813−�

2.

To determine

Ascertain the amount of depreciation expense of Company K for each year; assume that the company has switched to straight line method at the midpoint of the assets life.

3.

To determine

Ascertain the depreciation expenses of Company K for each of the asset life under the given situation.

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Ch-11 P-1GICh-11 P-2GICh-11 P-3GICh-11 P-4GICh-11 P-5GICh-11 P-6GICh-11 P-7GICh-11 P-8GICh-11 P-9GICh-11 P-10GI
Ch-11 P-11GICh-11 P-12GICh-11 P-13GICh-11 P-14GICh-11 P-15GICh-11 P-16GICh-11 P-17GICh-11 P-18GICh-11 P-19GICh-11 P-20GICh-11 P-21GICh-11 P-22GICh-11 P-23GICh-11 P-1MCCh-11 P-2MCCh-11 P-3MCCh-11 P-4MCCh-11 P-5MCCh-11 P-6MCCh-11 P-7MCCh-11 P-8MCCh-11 P-9MCCh-11 P-10MCCh-11 P-1RECh-11 P-2RECh-11 P-3RECh-11 P-4RECh-11 P-5RECh-11 P-6RECh-11 P-7RECh-11 P-8RECh-11 P-9RECh-11 P-10RECh-11 P-11RECh-11 P-12RECh-11 P-13RECh-11 P-14RECh-11 P-1ECh-11 P-2ECh-11 P-3ECh-11 P-4ECh-11 P-5ECh-11 P-6ECh-11 P-7ECh-11 P-8ECh-11 P-9ECh-11 P-10ECh-11 P-11ECh-11 P-12ECh-11 P-13ECh-11 P-14ECh-11 P-15ECh-11 P-16ECh-11 P-17ECh-11 P-18ECh-11 P-19ECh-11 P-20ECh-11 P-1PCh-11 P-2PCh-11 P-3PCh-11 P-4PCh-11 P-5PCh-11 P-6PCh-11 P-7PCh-11 P-8PCh-11 P-9PCh-11 P-10PCh-11 P-11PCh-11 P-12PCh-11 P-13PCh-11 P-14PCh-11 P-15PCh-11 P-16PCh-11 P-17PCh-11 P-18PCh-11 P-19PCh-11 P-20PCh-11 P-21PCh-11 P-1CCh-11 P-2CCh-11 P-3CCh-11 P-4CCh-11 P-5CCh-11 P-6C

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