College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
Use the information in Problem A-1 to solve this problem.
Required
Prepare a schedule of depreciation using the double-declining-balance method.
PROBLEM A-1 A delivery van was bought for $18,000. The estimated life of the van is four years. The trade-in value at the end of four years is estimated to be $2,000.
Check Figure
Year 2 depreciation, $4,500
Prepare depreciation schedule for the four year estimated useful life of the delivery van under double-declining-balance depreciation method.
Double-declining-balance (DDB) 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.
Formula for double-declining-balance depreciation method:
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