On January 1, 2024, the Allegheny Corporation purchased equipment for $148,000. The estimated service life of the equipment is 10 years and the estimated residual value is $16,000. The equipment is expected to produce 400,000 units during its life. Required: Calculate depreciation for 2024 and 2025 using each of the following methods. Exercise 11-2 (Algo) Part 2 2. Double-declining-balance. Formula Amount for 2024 Amount for 2025 Show Tre Beginning Book Value $ Double-Declining-Balance Method ✓ 148,000✔ x Units produced in 2025 Depreciation in 2025 Answer is not complete. Calculate 2025 depreciation expense: Depreciation per unit rate Double the Straight-line Rate Answer is not complete. Select formula for Units of Production Depreciation: (Cost - Residual) / Total units of production Calculate 2024 depreciation expense: Depreciation per unit rate Units produced in 2024 Depreciation in 2024 ✓ 33 X % 22 X % = 3. Units of production (units produced in 2024, 48,000; units produced in 2025, 43,000). Note: Round "Depreciation per unit rate" answers to 2 decimal places. Depreciation Expense

Q: Define special purpose entity (SPE)

A: A special purpose entity is a legally separate enterprise that bears liability to an organization.…

Q: Define carried interest

A: Carried interest: It could be a portion of any profit that private equity and hedge reserves common…

Q: where do all of the nonseparately stated items go on the form 1065?where is the net of all those…

A: Form 1065 is an informational type of return need to be filed by the partnership to the IRS.IRS…

Q: Intermediate Accounting 105   May I please have a GAAP explanation, along with examples providing…

A: The objective of the question is to understand the conditions under which a short-term obligation…

Q: Define declaration date

A: Answer: Declaration data is nothing a date the dividends are declared. This is usually done first…

Q: Unearned Revenue is classified as​ a(n) ________ account.         A. equity   B. revenue   C.…

A: Unearned revenue is money received by an individual or company for a service or product that has yet…

Q: Explanation 1031 like-kind exchange

A:

Q: Under IFRS it is greater than probability that an obligation is going to arise and the amount can be…

A: International Financial Reporting Standards (IFRS) is an acronym for International Financial…

Q: Please explaim  part B) and c?  how Ending imventory balance calculated for both part of questions

A: Ending inventory units are the number of units which are not sold during the year. It is Calculated…

Q: E14.3 (b)

A: The cash flow statement is helpful for the stakeholders as they can identify the organization's…

Q: Define disbursement float

A: Disbursement float is a technique by which entity manages the cash as when a firm disburses the…

Q: Chapter 10, Question 16: What are contingent liabilities? List three examples of contingent…

A: Contingent liabilities are the liabilities which will arise on the happening or not unhappening of…

Q: Intermediate Accounting 105   May I please have a GAAP explanation, along with examples providing…

A: Under Generally Accepted Accounting Principles (GAAP), short-term obligations are generally…

Q: The first amount was inccorect

A: Solution:- When equal amount is paid each period at end of period, it is called ordinary annuity.…

Q: 6. Explain: "agency debt"

A: Agency debt refers to bonds that are issued by government-sponsored entities (GSEs) such as Fannie…

Q: Which one of the following expenses is exempt from the payment of GST?

A: In gst interest service is exempt so not gst needs to be paid on payment of interest.Also in gst…

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.