Homework Answers
Solution
| Depreciation schedule-Straight line method | ||||
| Year | Depreciation expense | Accumulated Depreciation | Ending Book Value | |
| 2022 | $ 1,460.00 | $ 1,460.00 | $ 18,240.00 | |
| 2023 | $ 2,920.00 | $ 4,380.00 | $ 15,320.00 | |
| 2024 | $ 2,920.00 | $ 7,300.00 | $ 12,400.00 | |
| 2025 | $ 2,920.00 | $ 10,220.00 | $ 9,480.00 | |
| 2026 | $ 2,920.00 | $ 13,140.00 | $ 6,560.00 | |
| 2027 | $ 1,460.00 | $ 14,600.00 | $ 5,100.00 | |
| Total | $ 14,600.00 | |||
Working
| Depreciation schedule-Straight line method | ||||
| Year | Book Value | Depreciation expense | Accumulated Depreciation | Ending Book Value |
| 2022 | $ 19,700.00 | $ 1,460.00 | $ 1,460.00 | $ 18,240.00 |
| 2023 | $ 18,240.00 | $ 2,920.00 | $ 4,380.00 | $ 15,320.00 |
| 2024 | $ 15,320.00 | $ 2,920.00 | $ 7,300.00 | $ 12,400.00 |
| 2025 | $ 12,400.00 | $ 2,920.00 | $ 10,220.00 | $ 9,480.00 |
| 2026 | $ 9,480.00 | $ 2,920.00 | $ 13,140.00 | $ 6,560.00 |
| 2027 | $ 6,560.00 | $ 1,460.00 | $ 14,600.00 | $ 5,100.00 |
| Total | $ 14,600.00 | |||
Half year depreciation is changed in year 2022 and 2027
.
| Straight line Method | ||
| A | Cost (13200+4200+2300) | $ 19,700 |
| B | Residual Value | $ 5,100 |
| C=A - B | Depreciable base | $ 14,600 |
| D | Life [in years left ] | 5 |
| E=C/D | Annual SLM depreciation | $ 2,920.00 |
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[The following information applies to the questions
displayed below.]
Tony and Suzie see the need for a rugged all-terrain vehicle to
transport participants and supplies. They decide to purchase a used
Suburban on July 1, 2022, for $12,800. They expect to use the
Suburban for five years and then sell the vehicle for $4,900. The
following expenditures related to the vehicle were also made on
July 1, 2022:
The company pays $2,000 to GEICO for a...
Required information The following information applies to the questions displayed below) Tony and Suzie see the...
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[The following information applies to the questions
displayed below.]
Tony and Suzie see the need for a rugged all-terrain vehicle to
transport participants and supplies. They decide to purchase a used
Suburban on July 1, 2022, for $12,800. They expect to use the
Suburban for five years and then sell the vehicle for $4,900. The
following expenditures related to the vehicle were also made on
July 1, 2022:
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