Homework Answers
(1) Cost of the equipment = $77,440
Useful life = 8 years.
Depreciation per year = $77,440 / 8
= $9680 per year.
Depreciation for 2016 and 2017 = $9680 * 2 = $19,360
Balance amount of Equipment as on 1st Jan,2018 = $77,440 - $19,360 = $58,080
Quarter of the value of the equipment = $58,080 / 4 = $14,520
Sale proceeds of quarter of the equipment = $18,540
Gain on sale of quarter of the equipment = $4,020 ( $18,540 - $14,520)
(2) Value of equipment as on Jan 1st, 2018 after the sale of quarter of the equipment = $58,080 - $14,520 = $43,560
Remaining useful life of the asset = 6 years
Depreciation for 2018 = $43,560 / 6 = $7,260
Depreciation from Jan 1st,2018 to Oct 31st, 2018 = $7260 * 10 / 12 = $6050
(3) Value of equipment as on 1st Nov, 2018 = $37,510 ( $43,560 - $6,050)
Depreciation from 1st Nov, 2018 to 31st Dec, 2018 = $1210 ( $7,260 - $6,050)
Value of new equipment purchased on 1st Nov,2018 = $10,320
Useful life of new equipment = 8 years
Depreciation of new equipment from 1st Nov, 2018 to 31st Dec, 2018 = ($10,320 / 8) * (2/12)
= $215
Total depreciation of old and new equipment for 2 months = $1,425 ($1210 + $215)
(4) Total Value of equipment as on 31st Dec,2018 = $46,405($36,300 + $10,105)
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