Homework Answers
Solution:
Depreciation rate - SLM = 1/5 = 20%
Depreciation rate - DDB = 20%*2 = 40%
| Depreciation Schedule - Double Declining Balance Method | ||||||
| Date | Asset Cost | Book Value | Depreciation Rate (20%*2) | Depreciation Expense for the year | Accumulated Depreciation | Ending Book Value |
| 1-Oct-20 | $850,000 | |||||
| 31-Dec-20 | $850,000 | 40% | $85,000 | $85,000 | $765,000 | |
| 31-Dec-21 | $765,000 | 40% | $306,000 | $391,000 | $459,000 | |
| 31-Dec-22 | $459,000 | 40% | $183,600 | $574,600 | $275,400 | |
| 31-Dec-23 | $275,400 | 40% | $110,160 | $684,760 | $165,240 | |
| Total | $684,760 |
Hence 2nd option is correct.
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