Whispering Company purchases equipment on January 1, Year 1, at a cost of $534,000. The asset is expected to have a service life of 12 years and a salvage value of $48,060
Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (Round answers to 0 decimal places, e.g. 5,125.)
Depreciation for Year 1 $
Depreciation for Year 2 $
Depreciation for Year 3 $
Compute the amount of depreciation for each of Years 1 through 3 using the sum-of-the-years'-digits method.
Depreciation for Year 1 $
Depreciation for Year 2 $
Depreciation for Year 3 $
Homework Answers
1. Annual depreciation = (534000-48060)/12 = $40495
Depreciation for year 1 = $40495
Depreciation for year 2 = 40495
Depreciation for year 3 = 40495
2. Total sum = 1 to 12 = 78
Depreciation per digit = (534000-48060)/78 = $6230
Depreciation for year 1 = 6230*12 = 74760
Depreciation for year 2 = 6230*11 = 68530
Depreciation for year 3 =6230*10 = 62300
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