Machinery was purchased on January 1 for $96,040.00. The machinery has an estimated life of seven...
Machinery was purchased on January 1 for $96,040.00. The machinery has an estimated life of seven years and an estimated salvage value of $9,000. Double-declining-balance depreciation for the second year would be (round calculations to the nearest dollar):
a.$18,600
b.$19,100
c.$19,600
d.$20,600
Homework Answers
Answer
- Correct Answer = Option ‘C’ $ 19,600
- Working
|
A |
Cost |
$ 96,040.00 |
|
B |
Residual Value |
$ 9,000.00 |
|
C=A - B |
Depreciable base |
$ 87,040.00 |
|
D |
Life [in years] |
7 |
|
E=C/D |
Annual SLM depreciation |
$ 12,434.29 |
|
F=E/C |
SLM Rate |
14.29% |
|
G=F x 2 |
DDB Rate |
28.57% |
|
Year |
Beginning Book Value |
Depreciation rate |
Depreciation expense |
Ending Book Value |
|
1 |
$ 96,040.00 |
28.57% |
$ 27,440.00 |
$ 68,600.00 |
|
2 |
$ 68,600.00 |
28.57% |
$ 19,600.00 Answer |
$ 49,000.00 |
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