**Title: Computing Partial Period Depreciation under Multiple Depreciation Methods**Compute depreciation expense for 2021 for each asset #1, #2, #3, and #4.**Note:** Do not round until your final answer. Round your final answer to the nearest whole dollar.### Depreciation Table| Asset | Acquisition Date | Depreciation Method | Acquisition Cost | Useful Life | Salvage Value | 2021 Depreciation Expense ||-------|------------------|------------------------------|------------------|-------------|---------------|---------------------------|| #1 | Jan. 1, 2020 | Straight-line | $4,000 | 4 years | $200 | $950 ✔ || #2 | Aug. 30, 2020 | Double-declining-balance | $5,800 | 8 years | $400 | $1,125 ❌ || #3 | Feb. 1, 2021 | Sum-of-the-years'-digits | $7,200 | 4 years | $320 | $1,147 ❌ || #4 | Jul. 31, 2021 | Straight-line | $13,520 | 8 years | $0 | $0 ❌ |### ExplanationThis table presents data for computing depreciation expenses for four different assets for the year 2021 using various depreciation methods. Each asset is associated with a specific acquisition date, depreciation method, acquisition cost, useful life, and salvage value, leading to a calculated depreciation expense for 2021. The table also indicates whether the calculated depreciation expense is correct with a checkmark (✔) or incorrect with a cross (❌).

Computation of amount of Depreciations for 2021 is as follows: #1 Straight-line method:…

Computing Partial Period Depreciation under Multiple Depreciation Methods Compute depreciation expense for 2021 for each asset #1, #2, #3, and #4. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar. Acquisition Acquisition Useful Salvage 2021 Depreciation Value Asset Date Depreciation Method Cost Life Expense #1 Jan. 1, 2020 Straight-line $4,000 4 years $200 $ 950 | Aug. 30, 2020 Double-declining-balance Feb. 1, 2021 Sum-of-the-years'-digits #2 5,800 8 years 400 $ 1,125 x #3 7,200 4 years 320 $ 1,147 * # 4 Jul. 31, 2021 Straight-line 13,520 8 years 0 $

Computing Partial Period Depreciation under Multiple Depreciation Methods Compute depreciation expense for 2021 for each asset #1, #2, #3, and #4. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar. Acquisition Acquisition Useful Salvage 2021 Depreciation Value Asset Date Depreciation Method Cost Life Expense #1 Jan. 1, 2020 Straight-line $4,000 4 years $200 $ 950 | Aug. 30, 2020 Double-declining-balance Feb. 1, 2021 Sum-of-the-years'-digits #2 5,800 8 years 400 $ 1,125 x #3 7,200 4 years 320 $ 1,147 * # 4 Jul. 31, 2021 Straight-line 13,520 8 years 0 $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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