Can I get help with A, C, and D.
Homework Answers
1. Computation of straight line depreciation of Fixed Asset
Straight line method
= Cost - Residential value / No. of useful Life in years
= $37500 - $1500 / 5
= $7200
For the year 2020 = $7200 * 5months/12 months
= $ 3000
Remaining Years = $4200 per year
2. Depreciation under units of production using service hours
for the year 2020
= Cost of asset - Residential value / Estimated useful hours * current year hours
= $37500 - $1500/ 30000 * 2700
= $3240
3. Depreciation under units of production using units produced
Depreciation for the year 2020
= cost of asset - Residential value / Estimated Total units *units produced
= 37500- 1500/ 72000 * 5400 = $ 2700
4. Depreciation under sum of years digits method
depreciation base = 37500-1500 = 36000
| Year |
depreciation base |
remaining useful life | depreciation fraction | depreciation |
| 1 | 36000 | 5 | 5/15 | 12000 |
| 2 | 36000 | 4 | 4/15 | 9600 |
| 3 | 36000 | 3 | 3/15 | 7200 |
| 4 | 36000 | 2 | 2/15 | 4800 |
| 5 | 36000 | 1 | 1/15 | 2400 |
5.Depreciation under double declining method
Depreciation Rate = 1/5 = 20%
- for year 2020
depreciation = 37500 * 20% * 5/12 = 3125
2021
depreciation = (37500 - 3125) * 20% = 6875
2022
Depreciation = (37500-3125-6875) * 20% = 5500
2023
Depreciation = 22000* 20% = 4400
2024
Depreciation = 17600 * 20% = 3520
2025
Depreciation = 14080 * 20% = 11264
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Can I get help with A, C, and D.
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