Homework Answers
Answer-
| Depreciation Schedule-Double Declining Balance Method | |
| YEAR | Depreciation |
| $ | |
| 2021 | 12000 |
| 2022 | 7200 |
| 2023 | 4320 |
| 2024 | 2592 |
| 2025 | 888 |
| Totals | $27000 |
Explanation-Double Declining balance depreciation is calculated using the following formula=
|
Depreciation = Depreciation Rate * Book Value of Asset |
Depreciation rate is given by the following formula:
|
Depreciation Rate = Accelerator *Straight Line Rate |
Straight-line Depreciation Rate = 1/5 = 0.20 = 20%
Declining Balance Rate =
2*20% = 40%
Depreciation for Year 2021 = $30000*40% =$12000
Book value at the end of year 2021 = $30000-$12000 =$18000
Depreciation for Year 2022 = $18000*40% = $7200
Book value at the end of year 2022 = $18000-$7200 =$10800
Depreciation for Year 2023 = $10800*40% = $4320
Book value at the end of year 2023 = $10800-$4320 =$6480
Depreciation for Year 2024 = $6480*40% = $2592
Book value at the end of year 2024 = $6480-$2592 = $3888
Depreciation for Year 2024 = $3888 - $3000 = $888
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