Banko Inc. manufactures sporting goods. The following information applies to a machine purchased on January 1, Year 1: Purchase price Delivery cost Installation charge Estimated life Estimated units. Salvage estimate $ 82,500 $ 3,000 $ 1,000 a. Straight-line b. Double-declining-balance 5 years 157,000 $ 8,000 During Year 1, the machine produced 53,000 units and during Year 2, it produced 55,000 units. Required Determine the amount of depreciation expense for Year 1 and Year 2 using each of the following methods: Year 1 $ 15,700 Year 2

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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.