Equipment acquired at the beginning of the fiscal year at a cost of $144,000 has an...
Equipment acquired at the beginning of the fiscal year at a cost of $144,000 has an estimated residual value of $9,000 and an estimated useful life of 10 years.
a. Determine the amount of annual depreciation by the straight-line method. $
b. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method.
Homework Answers
a.Annual depreciation=(Cost-Residual Value)/Useful Life
=(144,000-9000)/10=$13500
b.Annual depreciation rate as per straight line method=100%/10=10%/year
Hence depreciation rate as per double decline=2*Annual depreciation rate as per straight line method*Beginning value of each period
| Year | Beginning value | Depreciation | Ending value |
| 1 | 144,000 | (2*10%*144,000)=$28800. | (144,000-28800)=$115200 |
| 2 | 115200 | (2*10%*115200)=$23040. |
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