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BE 114 (LO) Use the into. for Lockyard Company given in BEI12. (9) Compute 2020 deprec expense using the double-declining-balance method. (6) Compute 202o deprec exrense using the double-declining-balance methody assuming the machinery was Purchased on October 1,2020.

BE 114 (LO) Use the into. for Lockyard Company given in BEI12. (9) Compute 2020 deprec expense using the double-declining-balance method. (6) Compute 202o deprec exrense using the double-declining-balance methody assuming the machinery was Purchased on October 1,2020.

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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I need help with only question 11.4 that was given.
Je ffrey wang 9/76/2021 Brief Exercises (Unless otherwise instructed round all answers to the 12 nearest dollard BE 112 (L01) Lockyard Company Purchased machinery on January Ij 2020, for $80j0au The machinery is estimated to have a salvage Value of $9000 after a USefyl life of 8 years.
Transcribed Image Text:Je ffrey wang 9/76/2021 Brief Exercises (Unless otherwise instructed round all answers to the 12 nearest dollard BE 112 (L01) Lockyard Company Purchased machinery on January Ij 2020, for $80j0au The machinery is estimated to have a salvage Value of $9000 after a USefyl life of 8 years.
BE 11.4 (LOI) Use the into. for Lockyard Company given in BEI12. (9) Compute 2020 deprec. expense using the dowble-declining-balance methad (6) Compte 202o deprec. expense using the double-declining-balance methody assuming the machinery was Purchased on October 1,2020
Transcribed Image Text:BE 11.4 (LOI) Use the into. for Lockyard Company given in BEI12. (9) Compute 2020 deprec. expense using the dowble-declining-balance methad (6) Compte 202o deprec. expense using the double-declining-balance methody assuming the machinery was Purchased on October 1,2020
Expert Solution
Step 1

As per Double Declining method of depreciation, the amount of depreciation for a year is =

 = 2 × Straight Line Depreciation Rate × Book Value

Straight Line Depreciation Rate:

= [(Cost of Machine - Salvage Value) ÷ Useful Life] ÷ Cost of Asset × 100

Refer Step 2 for datailed calculations.

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