On April 22, 2023, Pharoah Enterprises purchased equipment for $134,860. The company expects to use the equipment for 11,800 working hours during its four-year life and that it will have a residual value of $14,500. Pharoah has a December 31 year end and pro- rates depreciation to the nearest month. The actual machine usage was: 2,000 hours in 2023; 2,500 hours in 2024; 3,900 hours in 2025; 2,500 hours in 2026; and 1,100 hours in 2027. (a1) Prepare a depreciation schedule for the life of the asset under the straight-line method. (Round partial-period depreciation rate to 4 decimal palces, e.g. 15.2563% and other answers to O decimal places, e.g. 5,276.) Year 2023 2024 2025 2026 2027 $ Depreciable Amount Depr. X Rate % % % % % tA Depr. Expense 1 tA Accum. I

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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.