A draw bench for precision forming and strengthening of carbon steel tubing has a cost of $1,070,000. It will have a salvage value of $66,000 after a useful life of 10 years. Parta Your answers are correct. Using the formulas, determine the depreciation charge for year 6 and the book value at the end of year 6 if straight-line depreciation is used. Depreciation charge Book value: Part b $ eTextbook and Media $ Carry all interim calculations to 5 decimal places and then round your final answers to a whole number. The tolerance is 11. Your answers are correct. Depreciation charge: Book value: 100400 467600 Using the formulas, determine the depreciation charge for year 6 and the book value at the end of year 6 if double declining balance depreciation is used $ Attempts: 1 of 10 used 70124 Carry all interim calculations to 5 decimal places and then round your final answers to a whole number. The tolerance is 15.
A draw bench for precision forming and strengthening of carbon steel tubing has a cost of $1,070,000. It will have a salvage value of $66,000 after a useful life of 10 years. Parta Your answers are correct. Using the formulas, determine the depreciation charge for year 6 and the book value at the end of year 6 if straight-line depreciation is used. Depreciation charge Book value: Part b $ eTextbook and Media $ Carry all interim calculations to 5 decimal places and then round your final answers to a whole number. The tolerance is 11. Your answers are correct. Depreciation charge: Book value: 100400 467600 Using the formulas, determine the depreciation charge for year 6 and the book value at the end of year 6 if double declining balance depreciation is used $ Attempts: 1 of 10 used 70124 Carry all interim calculations to 5 decimal places and then round your final answers to a whole number. The tolerance is 15.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 3CE: A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years....
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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![Develop a table showing the depreciation and book value for each year using the Excel® DDB worksheet function.
Year
1
2 $
3
4
5
6
7
8
9
$
10
69
69
$
69
$
$
$
69
$
$
69
$
Depreciation
$
69
$
+A
$
$
69
$
$
$
$
69
$
$
Book Value
Carry all interim calculations to 5 decimal places and then round your final answers to a whole number. The tolerance is ±5.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fda1d16bb-7ad5-4b80-a8ec-c563667ee0ec%2F0e2011a3-55cf-41c9-968e-268df7e1d982%2F3mg7vej_processed.png&w=3840&q=75)
Transcribed Image Text:Develop a table showing the depreciation and book value for each year using the Excel® DDB worksheet function.
Year
1
2 $
3
4
5
6
7
8
9
$
10
69
69
$
69
$
$
$
69
$
$
69
$
Depreciation
$
69
$
+A
$
$
69
$
$
$
$
69
$
$
Book Value
Carry all interim calculations to 5 decimal places and then round your final answers to a whole number. The tolerance is ±5.
![A draw bench for precision forming and strengthening of carbon steel tubing has a cost of $1,070,000. It will have a salvage value of
$66,000 after a useful life of 10 years.
Part a
Your answers are correct.
Using the formulas, determine the depreciation charge for year 6 and the book value at the end of year 6 if straight-line
depreciation is used.
Depreciation
charge:
Book value:
Part b
eTextbook and Media
S
Carry all interim calculations to 5 decimal places and then round your final answers to a whole number. The tolerance is 11.
Your answers are correct.
Depreciation
charge:
Book value:
100400
Using the formulas, determine the depreciation charge for year 6 and the book value at the end of year 6 if double declining
balance depreciation is used.
$
467600
$
70124
Attempts: 1 of 10 used
280494
Carry all interim calculations to 5 decimal places and then round your final answers to a whole number. The tolerance is 15.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fda1d16bb-7ad5-4b80-a8ec-c563667ee0ec%2F0e2011a3-55cf-41c9-968e-268df7e1d982%2F5zkkhp_processed.png&w=3840&q=75)
Transcribed Image Text:A draw bench for precision forming and strengthening of carbon steel tubing has a cost of $1,070,000. It will have a salvage value of
$66,000 after a useful life of 10 years.
Part a
Your answers are correct.
Using the formulas, determine the depreciation charge for year 6 and the book value at the end of year 6 if straight-line
depreciation is used.
Depreciation
charge:
Book value:
Part b
eTextbook and Media
S
Carry all interim calculations to 5 decimal places and then round your final answers to a whole number. The tolerance is 11.
Your answers are correct.
Depreciation
charge:
Book value:
100400
Using the formulas, determine the depreciation charge for year 6 and the book value at the end of year 6 if double declining
balance depreciation is used.
$
467600
$
70124
Attempts: 1 of 10 used
280494
Carry all interim calculations to 5 decimal places and then round your final answers to a whole number. The tolerance is 15.
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