Homework Answers
|
Straight line Method (for 7 years) |
||
|
A |
Cost |
$ 72,000.00 |
|
B |
Residual Value |
$ - |
|
C=A - B |
Depreciable base |
$ 72,000.00 |
|
D |
Life [in years left ] |
15 |
|
E=C/D |
Annual SLM depreciation |
$ 4,800.00 |
|
Year |
Book Value |
Depreciation expense |
Ending Book Value |
Accumulated Depreciation |
|
1 |
$ 72,000.00 |
$ 4,800.00 |
$ 67,200.00 |
$ 4,800.00 |
|
2 |
$ 67,200.00 |
$ 4,800.00 |
$ 62,400.00 |
$ 9,600.00 |
|
3 |
$ 62,400.00 |
$ 4,800.00 |
$ 57,600.00 |
$ 14,400.00 |
|
4 |
$ 57,600.00 |
$ 4,800.00 |
$ 52,800.00 |
$ 19,200.00 |
|
5 |
$ 52,800.00 |
$ 4,800.00 |
$ 48,000.00 |
$ 24,000.00 |
|
6 |
$ 48,000.00 |
$ 4,800.00 |
$ 43,200.00 |
$ 28,800.00 |
|
7 |
$ 43,200.00 |
$ 4,800.00 |
$ 38,400.00 |
$ 33,600.00 |
|
Year |
Book Value |
Depreciation expense |
Ending Book Value |
Accumulated Depreciation |
|
1 |
$ 38,400.00 |
$ 7,680.00 |
$ 30,720.00 |
$ 41,280.00 |
Requirement 1
Journal
|
(Purchase cost- |
Residual value)/ |
Years= |
Depreciation per year |
|
$72000 |
$0 |
15 |
$4800 |
|
Date |
Accounts and explanations |
Debit |
Credit |
|
Year 8 |
Depreciation expense-Equipment |
$ 7,680.00 |
|
|
Accumulated Depreciation - Equipment |
$ 7,680.00 |
||
|
(depreciation expense recorded) |
|
Year 8 |
Depreciation expense-Equipment |
$ 7,680.00 |
|
|
Accumulated Depreciation - Equipment |
$ 7,680.00 |
Requirement
Accumulated depreciation at the end of year 8 = $41,280
Add Answer to:
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