Homework Answers
| CALCULATION OF THE DEPRECIATION AS PER SUM OF DOUBLE DECLINE METHOD | |||
| Purchase Cost of Machine | $ 1,53,000 | ||
| Useful Life = | 5 years | ||
| Depreciation per year = | $ 30,600 | ||
| (Purchase price / Useful life) | |||
| CALCULATION OF THE RATE OF DEPRECIATION | |||
| Rate of Depreciation = | $ 30,600 / $ 153,000 | ||
| (Depreication / Purchase price ) | |||
| Rate of Depreciation = | 0.20 or 20% | ||
| Double decline deprection rate = 20% * 2 = | 40% | ||
| Purchase price = | $ 1,53,000 | ||
| Depreciation for the year 2021 @ 40% = | $ 61,200 | ||
| Closing balance for the year 2021 | $ 91,800 | ||
| Opening Balance for the year 2021 | $ 91,800 | ||
| Depreciation for the year 2022 @40% = | $ 36,720 | ||
| Closing balance for the year 2022 | $ 55,080 | ||
| Opening Balance for the year 2022 | $ 55,080 | ||
| Depreciation for the year 2023 @40% = | $ 22,032 | ||
| Closing balance for the year 2023 | $ 33,048 | ||
| Opening Balance for the year 2023 | $ 33,048 | ||
| Depreciation for the year 2024 @40% = | $ 13,219 | ||
| Closing balance for the year 2024 | $ 19,829 | ||
| Opening Balance for the year 2024 | $ 19,829 | ||
| Depreciation for the year 2025 @40% = | $ 7,932 | ||
| Closing balance for the year 2025 | $ 11,897 | ||
| ANSWER = | |||
| YEAR | DEPRECIATION | ||
| Year 2021 | $ 61,200 | ||
| Year 2022 | $ 36,720 | ||
| Year 2023 | $ 22,032 | ||
| Year 2024 | $ 13,219 | ||
| Year 2025 | $ 7,932 | ||
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Required information [The following information applies to the questions displayed below On January 1, 2021, the Ex...
Required information (The following information applies to the questions displayed below) On January 1, 2021, the...
Required information (The following information applies to the questions displayed below) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $153,000. At the end of its five-year service life, it is estimated that the van will be worth $15,600. During the five-year period, the company expects to drive the van 458,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 2. Double-declining balance. (Round your answers to...
Required information (The following information applies to the questions displayed below) On January 1, 2021, the...
Required information (The following information applies to the questions displayed below) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $153,000. At the end of its five-year service life, it is estimated that the van will be worth $15,600. During the five-year period, the company expects to drive the van 458,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 3. Units of production using miles driven...
Saved Required information The following information applies to the questions displayed below On January 1, 2021, t...
Saved Required information The following information applies to the questions displayed below On January 1, 2021, the Excel Delivery Company purchased a delivery van for $153,000. At the end of its five-year service ife, it is estimated that the van will be worth $15,600. During the five-year period, the company expects to drive the van 458,000 miles Required: Calculate annual depreciation for the five-year life of the van using each of the following methods 3. Units of production using miles...
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Required information [The following information applies to the questions displayed below) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $153,000. At the end of its five-year service life, it is estimated that the van will be worth $15,600. During the five-year period, the company expects to drive the van 458,000 miles Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line
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Required information (The following information applies to the questions displayed below) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $153,000. At the end of its five-year service life, it is estimated that the van will be worth $15,600. During the five-year period, the company expects to drive the van 458,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 3. Units of production using miles driven...
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Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Excel Delivery Company purchased a delivery van for $129,000. At the end of its five-year service life, it is estimated that the van will be worth $13,200. During the five-year period, the company expects to drive the van 386,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 2. Double-declining balance. (Round your answers to...
Required information The following information applies to the questions displayed below.] On January 1, 2021, the Excel Delivery Company purchased a delivery van for $123,000. At the end of its five-year service life, it is estimated that the van will be worth $12,600. During the five-year period, the company expects to drive the van 368,000 miles Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line Straight-line per year On...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Excel Delivery Company purchased a delivery van for $75,000. At the end of its five-year service life, it is estimated that the van will be worth $7,800. During the five-year period, the company expects to drive the van 224,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. Straight-line per year 2....
Required information [The following information applies to the questions displayed below.) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $87000. At the end of its five-year service life. It is estimated that the van will be worth $9.000. During the five-year period, the company expects to drive the van 260,000 miles Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 2. Double-declining balance. (Round your answers to...
Required information The following information applies to the questions displayed below.) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $147,000. At the end of its five-year service life, it is estimated that the van will be worth $15,000. During the five-year period, the company expects to drive the van 440,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. Straight-line per year 2....
Required information The following information applies to the questions displayed below.) On January 1, 2021, the Excel Delivery Company purchased a delivery van for $105,000. At the end of its five. year service life, it is estimated that the van will be worth $10,800. During the five-year period, the company expects to drive the van 314,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 1. Straight line. Straight-line $ 18,840...
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