Now change the Cost, Life of the Asset, and Salvage Value for all of the assets listed in the table in your worksheet to match the information below: Asset No. Fixed Asset Name 1-001 1-002 1-003 1-004 1-005 1-006 1-007 Desktop computer 13" Laptop Laptop 15" Tablet 4-person Workstation office chairs (set of 4) 70 Flat Screen TV Cost Life of Asset $1,800 $1,300 $2,700 $ 600 $3,200 $1,000 $1,750 5 5 5 5 10 10 5 Salvage Value $0 $0 $0 $0 $500 $100 $250 Be sure to also check the Cost in both of your Depreciation Method tables in your worksheet so that it matches the updated information. Required: 2a. Complete the chart below that shows comparisons of the two depreciation methods. (Round your answers to the nearest whole dollar.)

Now change the Cost, Life of the Asset, and Salvage Value for all of the assets listed in the table in your worksheet to match the information below: Asset No. Fixed Asset Name 1-001 1-002 1-003 1-004 1-005 1-006 1-007 Desktop computer 13" Laptop Laptop 15" Tablet 4-person Workstation office chairs (set of 4) 70 Flat Screen TV Cost Life of Asset $1,800 $1,300 $2,700 $ 600 $3,200 $1,000 $1,750 5 5 5 5 10 10 5 Salvage Value $0 $0 $0 $0 $500 $100 $250 Be sure to also check the Cost in both of your Depreciation Method tables in your worksheet so that it matches the updated information. Required: 2a. Complete the chart below that shows comparisons of the two depreciation methods. (Round your answers to the nearest whole dollar.)

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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Question

complete the double declining method of depreciation for the open blanks based on the given values

Now change the Cost, Life of the Asset, and Salvage Value for all of the assets listed in the table in your worksheet to match the
information below:
Asset No. Fixed Asset Name
1-001
1-002
1-003
1-004
1-005
1-006
1-007
Desktop computer
Laptop 13"
Laptop 15"
Tablet
4-person Workstation
Office chairs (set of 4)
70 Flat Screen TV
Straight-Line
Double-Declining
Straight-Line
Double-Declining.
Straight-Line
Double-Declining
Total Depreciation
Year 1
$
$
Be sure to also check the Cost in both of your Depreciation Method tables in your worksheet so that it matches the updated
information.
Required:
2a. Complete the chart below that shows comparisons of the two depreciation methods. (Round your answers to the nearest whole
dollar.)
Total Accumulated
Depreciation
Year 1
$
$
1,940 $
4,100
Total Net Book
Value Year 1
Cost Life of Asset
$1,800
5
$1,300
5
$2,700
$ 600
$3,200
$1,000
$1,750
Total Depreciation
Year 2
1,940 $
10,410
Total Accumulated
Depreciation
Year 2
$
5
5
10
10
5
Total Net Book
Value Year 2
1,940 $
8,470
Salvage Value
$0
$0
$0
Total Depreciation
Year 3
3,880 $
$0
$500
$
$100
$250
Total Accumulated i
Depreciation
Year 3
1,940
Total Net Book
Value Year 3
5,820
6,530

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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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation

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