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5. XYZ Corp. purchased a forklift on January 1, 2018, for $12,000. The forklift is expected to last for five years and have a residual value of $1,200. XYZ uses the double-declining-balance method for depreciation. A. Calculate the depreciation expense, accumulated depreciation, and book value for each year of the forklift’s life. B. Analyze the impact of the entry to record depreciation expense for 2018. Assets = Liabilities +Stockholders’Equity Revenues – Expenses = Net Income Year Depreciation Accumulated Depreciation Book Value

5. XYZ Corp. purchased a forklift on January 1, 2018, for $12,000. The forklift is expected to last for five years and have a residual value of $1,200. XYZ uses the double-declining-balance method for depreciation. A. Calculate the depreciation expense, accumulated depreciation, and book value for each year of the forklift’s life. B. Analyze the impact of the entry to record depreciation expense for 2018. Assets = Liabilities +Stockholders’Equity Revenues – Expenses = Net Income Year Depreciation Accumulated Depreciation Book Value

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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15. XYZ Corp. purchased a forklift on January 1, 2018, for $12,000. The forklift is expected to last for five years and have a residual value of $1,200. XYZ uses the double-declining-balance method for depreciation.

A. Calculate the depreciation expense, accumulated depreciation, and book value for each year of the forklift’s life.
 
B. Analyze the impact of the entry to record depreciation expense for 2018.
Assets = Liabilities +Stockholders’Equity Revenues – Expenses = Net Income
Year Depreciation Accumulated
Depreciation Book Value
 
 
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