Homework Answers
| Working Notes : | |||
| CALCULATION OF THE DEPRECIATION AS PER STRAIGHT LINE METHOD FOR MACHINE | |||
| Purchase Cost of Machine | $ 50,000 | ||
| Less: Salvage Value | $ 2,000 | ||
| Net Value for Depreciation (A) | $ 48,000 | ||
| Usefule life of the Assets(B) | 10 | Years | |
| Depreciation per year = (A/B) | 4,800 | ||
| Total Depreciation Per year = | $ 4,800 | ||
| Solution: | |||
| Date | Account Title | Debit | Credit |
| Dec 31. 2017 | Depreciation Expenses | $4,800 | |
| Accumulated Depreciation - Equipment | $4,800 | ||
| (To Record the depreciation expenses for the year) | |||
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Depreciation expense each year
Accumulated depreciation each year
Net book value each year
Impairment loss (if any) at the end of year 4
Comparing the impairment loss in d) with the impairment loss we
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