Required: Calculate Accumulated Depreciation - Machine at December 31, 2018 Using Declining Balance ...
Required: Calculate Accumulated Depreciation - Machine at
December 31, 2018 Using Declining Balance
Data:
Cost of machine $800,000
Estimated useful life 10 Years
Estimated salvage value $150,000
Double Declining 200%
Purchase Date January 1, 2017
Homework Answers
Answer
- Requirement: Accumulated Depreciation – Machine at Dec 31, 2018, which is the end of SECOND YEAR from purchase
- Working
|
A |
Cost |
$ 800,000.00 |
|
B |
Residual Value |
$ 150,000.00 |
|
C=A - B |
Depreciable base |
$ 650,000.00 |
|
D |
Life [in years] |
10 |
|
E=C/D |
Annual SLM depreciation |
$ 65,000.00 |
|
F=E/C |
SLM Rate |
10.00% |
|
G=F x 2 |
DDB Rate |
20.00% |
|
Year |
Beginning Book Value |
Depreciation rate |
Depreciation expense |
Ending Book Value |
Accumulated Depreciation |
|
2017 |
$ 800,000.00 |
20.00% |
$ 160,000.00 |
$ 640,000.00 |
$ 160,000.00 |
|
2018 |
$ 640,000.00 |
20.00% |
$ 128,000.00 |
$ 512,000.00 |
$ 288,000.00 = Answer |
- Answer:
Accumulated Depreciation – Machine at Dec 31, 2018 = $ 288,000
Add Answer to:
Required: Calculate Accumulated Depreciation - Machine at
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Declining Balance, and C. Units of Activity.
Next Journalize the purchase of the truck, the first year's
depreciation expense, and the disposal of the
truck. (including explanations)
Here's the data:
Purchased on January 1, 2012 for $13,000. Has an
estimated residual value of $1,000.
Useful life of 5 years or 100,000 miles.
Sold on December 31st, 2013
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