Homework Answers
Answer :
(a) Straight -Line
| Date | Account name | Debit | Credit |
| Dec-31-2019 | Depreciation Expenses - Equipment | $ 31500 | |
| Accumulated Depreciation | $ 31500 | ||
| Dec-31- 2019 | Depreciation Expenses - Machine | $ 14000 | |
| Accumulated Depreciation | $ 14000 | ||
computation of Depreciation on Equipment
Depereciation per year under SLM
= Cost - salvage value / Number of year
= $ 250000 - $ 40000 / 5 year
= $ 42000 per year
Depreciation for 2019 = $ 42000* 9/12 = $ 31500
computation of Depreciation on Machine
Depereciation per year under SLM
= Cost - salvage value / Number of year
= $ 330000- $ 50000 / 5
= $ 56000
Dereciation for 2019 = $ 56000* 3/12= $ 14000
(b) Double - Declinning - Balance
| Date | Account name | Debit | Credit |
| Dec-31-2019 | Depreciation Expenses - Equipment | $ 75000 | |
| Accumulated Depreciation | $ 75000 | ||
| Dec-31- 2019 | Depreciation Expenses - Machine | $ 33000 | |
| Accumulated Depreciation | $ 33000 | ||
Depreciation on Equipment
Depreciation rate on Double - Declinning - Balance = 100*2/ useful life
= 200/5= 40 %
Depreciation per year under Double - Declinning - Balance = $ 250000*40 % = $ 100000
Depreciation for 2019 = $ 100000* 9/12 = $ 75000
Depreciation on machine
Depreciation rate on Double - Declinning - Balance = 100*2/ useful life
= 40 %
Depreciation per year under Double - Declinning - Balance = $ 330000*40 % = $ 132000
Depreciation for 2019 = $ 132000* 3/12 = $ 33000
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