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Mason Industries purchased a drilling rig for $75,900. Delivery costs totaled $2,859. The useful life is 7 years and the salvage value is $12,952. Prepare a depreciation schedule using the straight-line method. Mason Industries. Depreciation Schedule-Drilling End of Year Annual Depreciation ($) Accumulated Depreciation ($) 1 2 3 4 5 6 7 $9809.43 $9809 43 $ 9809 43 $ 9809.43 $ 9809 43 $ 9809.43 $ 9809 43 x x x x x x $19618.86 29428.29 39237.72 $49047 15 $ 58856.58 $68666.01 $78475 44 x x x x x x x Book Value ($) $78,759 (new) $68949 57 $ 59140 14 $49330.71 $39521 28 $26711.85 $19902 425 $10092.99 x X x x

Mason Industries purchased a drilling rig for $75,900. Delivery costs totaled $2,859. The useful life is 7 years and the salvage value is $12,952. Prepare a depreciation schedule using the straight-line method. Mason Industries. Depreciation Schedule-Drilling End of Year Annual Depreciation ($) Accumulated Depreciation ($) 1 2 3 4 5 6 7 $9809.43 $9809 43 $ 9809 43 $ 9809.43 $ 9809 43 $ 9809.43 $ 9809 43 x x x x x x $19618.86 29428.29 39237.72 $49047 15 $ 58856.58 $68666.01 $78475 44 x x x x x x x Book Value ($) $78,759 (new) $68949 57 $ 59140 14 $49330.71 $39521 28 $26711.85 $19902 425 $10092.99 x X x x

FINANCIAL ACCOUNTING
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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Mason Industries purchased a drilling rig for $75,900. Delivery costs totaled $2,859. The useful life is 7 years and the salvage value is $12,952. Prepare a depreciation schedule using the straight-line method. Mason Industries. Depreciation Schedule-Drilling End of Year Annual Depreciation ($) Accumulated Depreciation ($) 1 2 3 4 5 6 7 $ 9809.43 $ 9809 43 $ 9809 43 $ 9809.43 $ 9809 43 $ 9809.43 $ 9809 43 x x x x x x x $19618.86 29428.29 39237.72 $ 49047 15 $ 58856.58 $68666.01 $78475.44 x x x x x x Book Value ($) $78,759 (new) $68949 57 $ 59140 14 $49330.71 $39521 28 $26711.85 $19902 424 $10092.99 x x x x x x
Transcribed Image Text:Mason Industries purchased a drilling rig for $75,900. Delivery costs totaled $2,859. The useful life is 7 years and the salvage value is $12,952. Prepare a depreciation schedule using the straight-line method. Mason Industries. Depreciation Schedule-Drilling End of Year Annual Depreciation ($) Accumulated Depreciation ($) 1 2 3 4 5 6 7 $ 9809.43 $ 9809 43 $ 9809 43 $ 9809.43 $ 9809 43 $ 9809.43 $ 9809 43 x x x x x x x $19618.86 29428.29 39237.72 $ 49047 15 $ 58856.58 $68666.01 $78475.44 x x x x x x Book Value ($) $78,759 (new) $68949 57 $ 59140 14 $49330.71 $39521 28 $26711.85 $19902 424 $10092.99 x x x x x x
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