Question

what is the Accumulated Depreciation for the Newly acquired asset (Lobby Furniture) if its not given to me like the other fixed assets in the chart? Or do I leave this blank in my excel worksheet?

with associated data as of 12/31/2015, were acquired prior to the current year. $700 Fixed Asset Date of Cost Salvage Useful Life Accumulated Acquisition Value (years) Depreciation Machinery 1/1/2007 $8,200 $6,750 Garage 1/1/2009 $11,000 $200 $8,400 Equipment Computers 1/1/2013 $4,000 $0 $2,400 Furniture Resellers also acquired lobby furniture on 1/1/2016. The lobby furniture had a cost of $2,000, an estimated salvage value of $400, and an estimated useful life of eight years. 1. Open a Blank Workbook and save the file in your Chapter 06 folder as: EA6-A2-Depreciation-[YourName) 2. Enter appropriate bank reconciliation headers in the range A1:A2, apply italic formatting. 3. Enter the fixed-asset data in the range A4:F7; for the accumulated depreciation, enter the title but not the dollar amounts.

Answer 1

For the newly acquired asset there will be no accumulated depreciation. So leave blank.

The depreciation expense for current year will be accumulated for following years.

Depreciation expense of lobby furniture = ($2,000 - $400) / 8 = $200