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Homework Answers
Answer- Second year depreciation = $3930
Book value at the end of year 2= $76740.
Explanation- Straight line Method-
= Cost of asset- Salvage value of asset/No. of useful life (years)
=($84600-$6000)/20 years
=$78600/20 years
= $3930
Annual depreciation expense = $3930.
First year depreciation = $3930
Book value at the end of year 1 = $84600-$3930 = $80670
Second year depreciation = $3930
Book value at the end of year 2 = $80670-$3930 = $76740
Answer- The depreciation expense for Year 2 = $6660.
Explanation- Unit of production method:-Annual depreciation expense per unit-
=Cost – salvage /Total units
=($84600-$6000)/393000 units
=$0.20 per unit
Depreciation expense in year 2= Depreciation expense per unit*Units produced
=$0.20 per unit*33300 units
=$6660
Answer:-Depreciation expense for Year 2 = $7614.
Explanation-
Double Declining balance depreciation is calculated using the following formula:
|
Depreciation = Depreciation Rate * Book Value of Asset |
Depreciation rate is given by the following formula:
|
Depreciation Rate = Accelerator *Straight Line Rate |
Straight-line Depreciation Rate = 1/20 = 0.05 = 5%
Double Declining Balance Rate = 5%*2 = 10%
Depreciation for Year 1 = $84600 *10% = $8460
Book value at end of Year 1 = $84600 – $8460 = $76140
Depreciation for Year 2019 = $76140* 10% = $7614
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