Homework Answers
| YEAR | PARTICULARS | DEBIT | CREDIT |
| Year 15 | Depreciation | 18000 | |
| To Accumulated Depreciation | 18000 | ||
| Year 16 | Depreciation | 37400 | |
| To Accumulated Depreciation | 37400 |
Depreciation till 15 years per year = (Cost - Residual value) / Life
= (750000-120000)/35
= $18000 per year till 15 years
Value of building in the books after 15 years = 750000 - (15*18000)
= 750000 - 270000
= $480000
Depreciation from 16th year on wards per year = (Cost - Residual value) / Life
= (480000-106000)/10
= $37400 per year from year 16 till year 25.
The cost of asset in 16th year will be taken as if a new asset has been purchased in 16th year i.e. $480000.
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gymnasium building using the straight-line method over 10 years
with a residual value of $5,000. Gym equipment will be depreciated
using the double-declining-balance method, with an estimated
residual value of $4,500 at the end of its four-year useful life.
Record depreciation on 1/31 equal to one-twelfth the yearly amount.
Record the transaction. -The General journal below is wrong when i
clicked on check answer, if someone could correct it that would be
great, thank you!
Grid...
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