Company z purchases equipment for $100,000 on janurary 1, 2020. The equipment has an estimated residual value of $20,000 and an estimated useful life of 5 years. company Z uses the double declining depreciation method. 1. what is the 2020 depreciation expense? 2. What is the 2021 depreciation expense? 3. what is the 12/31/2022 accumulated depreciation? 4. What is the 12/31/2023 book value? 5. what is the 2024 depreciation expanse? 6. What is the 12/31/24 book value?

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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.