Help each pic is a different question Use the sum-of-the-years'-digits depreciation method to make a depreciation schedule (first two years) for a forklift that cost $31,000, has an expected useful life of ten years, and has a residual value of$2,600.Complete the following table for two years. Enter the depreciation rate as a fraction. Enter annual depreciation, accumulated depreciation, and end-of-year book value as decimals rounded to the nearest cent.Annual Accumulateddepreciation depreciationEnd-of-yearbook valueSS$Year1CDepreciationrate Make a partial depreciation schedule for the first year using the units-of-production depreciation for a laser engraver that costs $36,000 and has a scrap value of $4,000. The engraver has an expected life of400,000 hours and is expected to last 15 years.Year |Hours used24.430AnnualdepreciationComplete the table below.AccumulateddepreciationEnd-of-yearbook valueAnnualAccumulated End-of-yeardepreciation depreciation book valueYear Hours used124,430$(Type an integer or decimal rounded to the nearest cent as needed.)C

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Description: Help each pic is a different question Use the sum-of-the-years'-digits depreciation method to make a depreciation schedule (first two years) for a forklift that cost $31,000, has an expected useful life of ten years, and has a residual value of$2,600

Sum-of-the-Years-Digits Depreciation Schedule for Forklift:Given:- Cost of forklift: $31,000-…

Business

Accounting

Make a partial depreciation schedule for the first year using the units-of-production depreciation for a laser engraver that costs $36,000 and has a scrap value of $4,000. The engraver has an expected life of 400,000 hours and is expected to last 15 years. Year Hours used 1 24,430 Annual depreciation Accumulated End-of-year depreciation book value

Make a partial depreciation schedule for the first year using the units-of-production depreciation for a laser engraver that costs $36,000 and has a scrap value of $4,000. The engraver has an expected life of 400,000 hours and is expected to last 15 years. Year Hours used 1 24,430 Annual depreciation Accumulated End-of-year depreciation book value

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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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.

Topic Video

Question

Help each pic is a different question

Use the sum-of-the-years'-digits depreciation method to make a depreciation schedule (first two years) for a forklift that cost $31,000, has an expected useful life of ten years, and has a residual value of
$2,600.
Complete the following table for two years. Enter the depreciation rate as a fraction. Enter annual depreciation, accumulated depreciation, and end-of-year book value as decimals rounded to the nearest cent.
Annual Accumulated
depreciation depreciation
End-of-year
book value
S
S
$
Year
1
C
Depreciation
rate

Make a partial depreciation schedule for the first year using the units-of-production depreciation for a laser engraver that costs $36,000 and has a scrap value of $4,000. The engraver has an expected life of
400,000 hours and is expected to last 15 years.
Year |Hours used
24.430
Annual
depreciation
Complete the table below.
Accumulated
depreciation
End-of-year
book value
Annual
Accumulated End-of-year
depreciation depreciation book value
Year Hours used
1
24,430
$
(Type an integer or decimal rounded to the nearest cent as needed.)
C

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