Homework Answers
1) Dunn Corporation
Straight line depreciation method
Fiver years
| End of year | Depreciation expense | Accumulated depreciation | Book value |
| 143000 | |||
| Year 1 | 143000/5 = 28600 | 28600 | 114400 |
| Year 2 | 28600 | 57200 | 85800 |
| Year 3 | 28600 | 85800 | 57200 |
| Year 4 | 28600 | 114400 | 28600 |
| Year 5 | 28600 | 143000 | 0 |
2) Dunn Corporation
Double decline depreciation method
Fiver years
| End of year | Depreciation expense | Accumulated depreciation | Book value |
| 143000 | |||
| Year 1 | 57200 | 57200 | 85800 |
| Year 2 | 34320 | 91520 | 51480 |
| Year 3 | 20592 | 112112 | 30888 |
| Year 4 | 12355 | 124467 | 18533 |
| Year 5 | 18533 | 143000 | 0 |
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Problem 7-71B (Algorithmic) Depreciation Schedules Dunn Corporation acquired a new depreciable asset for $143,000. The asset...
Problem 7-71B (Algorithmic) Depreciation Schedules Dunn Corporation acquired a new depreciable asset for $142,000. The asset...
Problem 7-71B (Algorithmic) Depreciation Schedules Dunn Corporation acquired a new depreciable asset for $142,000. The asset has a 5-year expected life and a residual value of zero. Required: 1. Prepare a depreciation schedule for all 5 years of the asset's expected life using the straight-line depreciation method. If an amount is zero, enter "0". Dunn Corporation Straight-Line Depreciation Method Five Years End of Year Depreciation Expense Accumulated Depreciation Book Value $ Year 1 $ $ Year 2 Year 3 Year...
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On January 4, 2019, Columbus Company purchased new equipment for $693,000 that had a useful life...
On January 4, 2019, Columbus Company purchased new equipment for
$693,000 that had a useful life of four years and a salvage value
of $53,000.
Required:
Prepare a schedule showing the annual depreciation and end-of-year
accumulated depreciation for the first three years of the asset’s
life under the straight-line method, the sum-of-the-years’-digits
method, and the double-declining-balance method.
Analyze:
If the double-declining balance method is used to compute
depreciation, what would be the book value of the asset at the end...
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P M Gmail Youtube Maps er 18 Homework Problem 18.2A Using different depreciation methods and comparing...
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Beckman Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100.000....
Beckman Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100.000. The asset is expected to have a salvage value of $15.000 at the end of its five-year useful life. If the asset is depreciated on the double-declining-balance method, the asset's book value on December 31. Year 2 will be: Multiple Choice $18,360 $21,600 $27540 $54,000 $90,000
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Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1, 2020, at a cost of $12,000 that is estimated to have a useful life of five years and a residual value of $3,000. Required Prepare a depreciation schedule showing annual depreciation expense and year-end accumulated depreciation and book value over the life of the asset using the following methods. a. Straight-line method. b. Sum-of-the-years'-digits method. c. Double-declining-balance method. Straight-line Sum-of-the-years'-digits Double-declining balance a. Straight-Line Depreciation Method...
On January 4, 2019, Columbus Company purchased new equipment for
$693,000 that had a useful life of four years and a salvage value
of $53,000.
Required:
Prepare a schedule showing the annual depreciation and end-of-year
accumulated depreciation for the first three years of the asset’s
life under the straight-line method, the sum-of-the-years’-digits
method, and the double-declining-balance method.
Analyze:
If the double-declining balance method is used to compute
depreciation, what would be the book value of the asset at the end...
Depreciation by Two Methods; Sale of Fixed Asset New tire retreading equipment, acquired at a cost of $110,000 on September 1 at the beginning of a fiscal year, has an estimated useful life of four years and an estimated residual value of $7,500. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-declining-balance method was selected. In the first week...
P M Gmail Youtube Maps er 18 Homework Problem 18.2A Using different depreciation methods and comparing the results. LO 18-2 On January 4, 2019. Columbus Company purchased new equipment for $633,000 that had a useful life of four years and a salvage value of $43,000. Required: Prepare a schedule showing the annual depreciation and end-of-year accumulated depreciation for the first three years of the asset's life under the straight-line method, the sum-of-the-years' digits method, and the double-declining balance method. Analyze:...
Depreciation by Two Methods; Sale of Fixed Asset New lithographic equipment, acquired at a cost of $718,750 on March 1 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $61,800. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-declining-balance method was selected. In the first week of...
Beckman Enterprises purchased a depreciable asset on October 1. Year 1 at a cost of $100.000. The asset is expected to have a salvage value of $15.000 at the end of its five-year useful life. If the asset is depreciated on the double-declining-balance method, the asset's book value on December 31. Year 2 will be: Multiple Choice $18,360 $21,600 $27540 $54,000 $90,000
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