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Exercise 11-1 Flint Company urchases equipment on January 1, Year 1, at a cost of $473,690. The asset is Compute the amount of depreciation for Years 1 through 3 using the straight-line deprecdation method.(Round answers to o Depreciation for Year Deprecdiation for Year 2 s Depreciation for Year 3 expected to have a service lite of 12 years and a salvage vaioe of t $40,400 declimal places, eg. 5,125) Compute the amount of depreciation for each of Years ǐ through ③ using the sum of-the-yearsdgits method. Depreciation for Year Depreciation for Year 2 Depreciation for Year 3 Compute the amount of deprediation for each of Years 1 through 3 using the double dedining balance method.(Round deprecietion rate to 2 decial places e.o. 15.% Round answers to 0 decimal places a.g 1s,892.)
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Calculationof Depriciation Cost Useful Life salvage Value $473,690 12 years 40,400 Straight line Method Cost - Salvage Value Useful life 36,107.50 Depriciation for Year 1 Depriciation for Year 2 Depriciation for Year 3 $36,107.50 $36,107.50 $ 36,107.50 Sum of the year digit Method Depriciation Remaining Life of Depriciation base S433,290 $433,290 $433,290 Year machine Depriciation Fraction Book Value Expense S 66.660 $61,105 $ $55,550 $ 12/78 366,630 305,525 249,975 12 10 10/78 Depriciation base is Cost- salvage value Depriciation fraction is no of years remaining divided by 78 ((1+2+3+4 Depriciation Expense Depriciation Base Depriciation Fraction Book value Book value of last year - Depriciation Expense 11+12) i.e sum of years. Depriciation for Year 1 Depriciation for Year 2 Depriciation for Year 3 66,660 61,105 55,550 Double Declining Balance Method Depriciation rate 100 2 16.67% Number of years (100 is multified for percentage and 2 is multiplied for double rate) ear Net Book Value Depriciation expense Net Book value 473,690 S S 394,741.67S 328,951.39 78,948.33 $ 65,790.28 $ 54,825.23 $ 394,741.67 328,951.39 274,126.16 Initial Cost = Net book Value for 1st year. From 2nd Year net book value of last year-depríciation expenses: Net book value of current year Depriciation expense Book value Depriciation rate Depriciation for Year 1 Depriciation for Year 2 Depriciation for Year 3 $394,741.67 $ 328,951.39 $ 274,126.16

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