Q1// On 1/1/2012 Tikrit company purchased Machines that cost 500,000, the machines is expected useful life 8 years, and estimate salvage value Zero (20 Mark) .Depreciation Expenses at the ond o f 201 ill bo 1
Q1// On 1/1/2012 Tikrit company purchased Machines that cost 500,000, the machines is expected useful life 8 years, and estimate salvage value Zero (20 Mark) .Depreciation Expenses at the ond o f 201 ill bo 1
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 9MCQ: Chapman Inc. purchased a piece of equipment in 2018. Chapman depreciated the equipment on a...
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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.
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![Q1// On 1/1/2012 Tikrit company
purchased Machines that cost
500,000, the machines is
expected useful life 8 years, and
estimate salvage value Zero (20
Mark) .Depreciation Expenses at the
end of 2014 will be 1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb050a826-2a4f-46c0-95b5-239975215445%2F988a41d7-f4a6-4a8d-93a0-fa5bb63c7fda%2Fg6byx4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Q1// On 1/1/2012 Tikrit company
purchased Machines that cost
500,000, the machines is
expected useful life 8 years, and
estimate salvage value Zero (20
Mark) .Depreciation Expenses at the
end of 2014 will be 1
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