For each of the following depreciable assets determine the missing amount abbreviations for depreciation methods or SL for straight line and DDB for double declining balance For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL for straight-line and DDB for double-declining-balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)| Asset | Cost | Residual Value | Service Life (Years) | Depreciation Method | Depreciation (Year 2) ||-------|-------|----------------|----------------------|---------------------|----------------------|| A | - | $26,000 | 5 | DDB | $33,000 || B | 52,000| - | 8 | SL | 5,100 || C | 77,000| 5,000 | 9 | SL | 8,000 || D | 242,000| 16,000 | 10 | SL | 22,600 || E | 206,000| 26,000 | 8 | DDB | - |

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Description: For each of the following depreciable assets determine the missing amount abbreviations for depreciation methods or SL for straight line and DDB for double declining balance For each of the following depreciable assets, determine the missing amount.

Accumulated depreciation is a contra-asset account. It has a credit balance, it shows the cumulative…

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For each of the following depreciable assets, determine the missing amount. Abba straight-line and DDB for double-declining-balance. (Do not round intermediate c whole dollar.) Asset A B Cost 52,000 Residual Value $ 26,000 Service Life Depreciation Depreciation (Years) Method (Year 2) DDB $ 33,000 SL 5,100 5 8

For each of the following depreciable assets, determine the missing amount. Abba straight-line and DDB for double-declining-balance. (Do not round intermediate c whole dollar.) Asset A B Cost 52,000 Residual Value $ 26,000 Service Life Depreciation Depreciation (Years) Method (Year 2) DDB $ 33,000 SL 5,100 5 8

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Chapter1: Financial Statements And Business Decisions

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Concept explainers

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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For each of the following depreciable assets determine the missing amount abbreviations for depreciation methods or SL for straight line and DDB for double declining balance

For each of the following depreciable assets, determine the missing amount. Abbreviations for depreciation methods are SL for straight-line and DDB for double-declining-balance. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)

| Asset | Cost | Residual Value | Service Life (Years) | Depreciation Method | Depreciation (Year 2) |
|-------|-------|----------------|----------------------|---------------------|----------------------|
| A | - | $26,000 | 5 | DDB | $33,000 |
| B | 52,000| - | 8 | SL | 5,100 |
| C | 77,000| 5,000 | 9 | SL | 8,000 |
| D | 242,000| 16,000 | 10 | SL | 22,600 |
| E | 206,000| 26,000 | 8 | DDB | - |

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

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