Skysong Company purchased a new plant asset on April 1, 2020, at a cost of $729,000....
Skysong Company purchased a new plant asset on April 1, 2020, at a cost of $729,000. It was estimated to have a service life of 20 years and a salvage value of $69,600. Skysong’ accounting period is the calendar year.
Compute the depreciation for this asset for 2020 and 2021 using the double-declining-balance method.
Homework Answers
| WORKING NOTES: | ||
| CALCULATION OF THE DEPRECIATION AS PER DOUBLE DECLINE METHOD | ||
| Rate of Depreciation = | ||
| Rate of Depreciation = (1 /20 Years ) | 0.05 or 5% | |
| (Depreication / Purchase price ) | ||
| Double decline deprection rate = 5% * 2 = | 10.0% | |
| SOLUTION : | ||
| CALCULATION OF DEPRECIATION FOR YEAR 2020 & 2021 | ||
| Purchase value of the assets | $ 7,29,000 | |
| Depreciation for the year 2020 = $ 729,000 X 10% X 9 / 12 months = | $ 54,675 | |
| Book Value at the end of year 2020 = | $ 6,74,325 | |
| Book value at the opening of year 2021 | $ 6,74,325 | |
| Depreciation for the year 2021 = $ 674,325 X 10% = | $ 67,433 | |
| Book Value at the end of year 2021 = | $ 6,06,893 | |
| Answer = | ||
| Depreciation for the year 2020 | 54,675 | |
| Depreciation for the year 2021 | 67,433 | |
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Skysong Company purchased a new plant asset on April 1, 2020, at
a cost of $729,000....
Skysong Company purchased a new plant asset on April 1, 2020, at a cost of $729,000....
Skysong Company purchased a new plant asset on April 1, 2020, at a cost of $729,000. It was estimated to have a service life of 20 years and a salvage value of $69,600. Skysong’ accounting period is the calendar year.
Bonita Company purchased a new plant asset on April 1, 2020, at a cost of $738,000....
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Compute the depreciation for this asset for 2020 and 2021 using
the sum-of-the-years'-digits method. (Round answers to
0 decimal places, e.g. 45,892.)
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Exercise 11-03 Novak Company purchased a new plant asset on April 1, 2020, at a cost...
Exercise 11-03
Novak Company purchased a new plant asset on April 1, 2020, at a
cost of $786,000. It was estimated to have a service life of 20
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the calendar year
Compute the depreciation for this asset for 2020 and 2021 using
the sum-of-the-years'-digits method. (Round answers to
0 decimal places, e.g. 45,892.)
Depreciation for 2020
$enter a dollar amount
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$enter a dollar amount
Compute the...
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Nash Company purchased a new plant asset on April 1, 2017, at a cost of $824,760. It was estimated to have a service life of 20 years and a salvage value of $69,600. Nash's accounting period is the calendar year Your answer is incorrect. Try again Compute the depreciation for this asset for 2017 and 2018 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for 2017 83940 Depreciation for 2018 68324 LINK TO TEXT Your...
Question 10 View Policies Current Attempt in Progress Tamarisk Company purchased a new plant asset on...
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Exercise 11-3 Metlock Company purchased a new plant asset on April 1, 2017, at a cost...
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Please also do for double declining balance! Thanks! Bramble Company purchased a new plant asset on...
Please also do for double
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Marigold Company purchased a new plant asset on April 1, 2020,
at a cost of $723,000. It was estimated to have a service life of
20 years and a salvage value of $59,400. Marigold’ accounting
period is the calendar year.
Compute the depreciation for this asset for 2020 and 2021 using
the sum-of-the-years'-digits method. (Round answers to
0 decimal places, e.g. 45,892.)
Depreciation for 2020
$enter a dollar Amountt
Depreciation for 2021
Compute the depreciation for this asset for 2020...
Exercise 11-03
Novak Company purchased a new plant asset on April 1, 2020, at a
cost of $786,000. It was estimated to have a service life of 20
years and a salvage value of $67,800. Novak’ accounting period is
the calendar year
Compute the depreciation for this asset for 2020 and 2021 using
the sum-of-the-years'-digits method. (Round answers to
0 decimal places, e.g. 45,892.)
Depreciation for 2020
$enter a dollar amount
Depreciation for 2021
$enter a dollar amount
Compute the...
Nash Company purchased a new plant asset on April 1, 2017, at a cost of $824,760. It was estimated to have a service life of 20 years and a salvage value of $69,600. Nash's accounting period is the calendar year Your answer is incorrect. Try again Compute the depreciation for this asset for 2017 and 2018 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for 2017 83940 Depreciation for 2018 68324 LINK TO TEXT Your...
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Please also do for double
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Bramble Company purchased a new plant asset on April 1, 2020, at a cost of $753,000. It was estimated to have a service life of 20 years and a salvage value of $64,200. Bramble' accounting period is the calendar year. - Your answer is partially correct. Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for 2020 $...
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