Exceltemplate- SavedFileFormulasDataReviewTell me what you want to doDCommentsHomeInsertViewHelpX CutE Autosum - Y OArial- 10 - A ACurrencyCopyPaste$- % > 41Conditional Format CelFormatting - as Table StylesInsert Delete Format CearSort & Find &Fiter - SelectBIURFormat PainterUndoCipboardFortAlignmentNumberTablesCelsEatingC13DGPartial-year depreciationDATA$57.000$3.00010Cost5 Estimated residual valueEstimated useful life (in years)Placed into service onEnd on the fiscal yearMay 1December 31Using formulas and cell references, perform the required analysis, and input your answers into theAmounts column. Transfer the numeric results for the green entry cells (C13.C16) into the appropriatefelds in CNOW2 for grading.AmountsFormulas13 a. Depreciation (Straight-line method), Year 1Depreciation (Straight-line method), Year 215 b. Depreciation (D08 method), Year 1Depreciation (DOB method), Year 21416A Data + Chapter 09 Homework (Application)eBookShow Me HowOfice 365CakculatorPartial-year depreciation1. EX09.01Equipment acquired at a cost of $57,000 has an estimated residual value of $3,000 and an estimated useful life of 10 years. It was placed in service on2. EX.09.06May 1 of the current fiscal year, which ends on December 31. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet,perform the required analysis, and input your answers in the questions below.3. EX09.07 ALGO4. EX09 09 ALGO5. EX 09.12 ALGOOpen spreadsheet6. PR.09.05A BLANKSHEETa. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Round your answers to the nearestdollar.7. PR09.06A BLANKSHEETDepreciation8. EX.09.11.EXCEL ALGOYear 1Year 2b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Do not round thedouble-declining balance rate. Round your answers to the nearest dollar.DepreciationYear 1 $Year 2

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Answer a) Depreciation expense per year is computed as: Depreciation expense =Cost - Residual…

Business

Accounting

Partial-year depreciation Equipment acquired at a cost of $57,000 has an estimated residual value of $3,000 and an estimated useful ife of 10 years. It was placed in service on May 1 of the current fiscal year, which ends on December 31. This information has been collected in the Microsoft Excel Oniline file. Open the spreadshe perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight ine method. Round your answers to the neares dollar. Depreciation Year 1 $ Year 2 $ b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Do not round the double-declining balance rate. Round your answers to the nearest dollar. Depreciation Year 1 Year 2 $

Partial-year depreciation Equipment acquired at a cost of $57,000 has an estimated residual value of $3,000 and an estimated useful ife of 10 years. It was placed in service on May 1 of the current fiscal year, which ends on December 31. This information has been collected in the Microsoft Excel Oniline file. Open the spreadshe perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight ine method. Round your answers to the neares dollar. Depreciation Year 1 $ Year 2 $ b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining-balance method. Do not round the double-declining balance rate. Round your answers to the nearest dollar. Depreciation Year 1 Year 2 $

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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Before you begin this assignment, review the Tying It All Together feature in the chapter iHeartMedia , Inc. in their annual report for the year ending December 31, 2015, state that the plant assets reported on its balance sheet includes the following: Depreciation is computed using the straight-line method. Requirements 1. Suppose iHeartMedia, Inc. purchases a new advertising structure for $100,000 on August 1. The residual value of the structure is $4,000 and the useful life is 10 years. How would iHeartMedia record the depreciation expense on December 31 in the first year of use? What about the second year of use? 2. What would be the book value of the structure at the end of the first year? What would be the book value of the structure at the end of the second year? 3. What would be the impact on iHeartMedia, Inc. financial statements if they failed to record the adjusting entry related to the structure?
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Modified Accelerated Cost Recovery System An example of a depreciation schedule under the Modified Accelerated Cost Recovery System of depreciation is shown. The Internal Revenue Service (IRS) classifies various assets according to useful life and sets depreciation rates for each year of the asset’s life. This asset has a five year life. The MACRS rates are shown in the schedule. This example is for an asset with a cost of $40,000 and a salvage value of $4,000. MODIFIED ACCELERATED COST RECOVERY SYSTEM Year Cost × Rate = DepreciationExpense AccumulatedDepreciation(End of Year) Book Value(End of Year) 1 $40,000 20.00% $8,000 $8,000 $32,000 2 40,000 32.00% 12,800 20,800 19,200 3 40,000 19.20% 7,680 28,480 11,520 4 40,000 11.52% 4,608 33,088 6,912 5 40,000 11.52% 4,608 37,696 2,304 6 40,000 5.76% 2,304 40,000 0 Prepare a depreciation schedule showing the depreciation…
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If a fixed asset, such as a computer, were purchased on January 1 for $2,230 with an estimated life of 4 years and a salvage or residual value of $151, the journal entry for monthly expense under straight-line depreciation is a. Depreciation Expense 43.31 Accumulated Depreciation 43.31 b. Accumulated Depreciation 43.31 Depreciation Expense 43.31 c. Accumulated Depreciation 519.75 Depreciation Expense 519.75 d. Depreciation Expense 519.75 Accumulated Depreciation 519.75