Can these also be answered for my homework review? 1) The Galactic Federation purchased a new...
Can these also be answered for my homework review?
1) The Galactic Federation purchased a new X-wing at the beginning of 2024 for $287,013. The Federation decided to depreciate the X-wing over a 8-year period using the double-declining-balance method. The Federation estimated the X-wing’s salvage value at $50,000. What is the depreciation expense for December 31, 2025?
Thank you
Homework Answers
| Cost of X-wing | $287,013 | ||||||
| Salvage value | $50,000 | ||||||
| Rate of Depreciation: | 1/Useful life*2*100 | ||||||
| 1/8*2*100 | |||||||
| Rate of Depreciation: | 25.00% | ||||||
| Year ended | Beginning book value | x | Depreciation rate | = | Depreciation expense | Accumulated Depreciaiton | Ending book value |
| 31-Dec-24 | $287,013 | x | 25% | = | $71,753 | $71,753 | $215,260 |
| 31-Dec-25 | $215,260 | x | 25% | = | $53,815 | $125,568 | $161,445 |
| Hence, Depreciation expnese for Year ended 31-Dec. 25 = 53,815 | |||||||
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