rate). The following table has been partially filled for you. Please complete depreciation amou ending book values Property Class Declining Depreciation Method Cost Basis (5) Depreciable Life Salvage Value (5) Declining Balance Rate (a) Period Beginning Book Value Depreciation Amount 5-Year 150% $20.000 Ending Book Value 5 0.30

rate). The following table has been partially filled for you. Please complete depreciation amou ending book values Property Class Declining Depreciation Method Cost Basis (5) Depreciable Life Salvage Value (5) Declining Balance Rate (a) Period Beginning Book Value Depreciation Amount 5-Year 150% $20.000 Ending Book Value 5 0.30

Name: Assume that you want to place in service a $20,000 asset (five year c
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Description: Assume that you want to place in service a $20,000 asset (five year class-150% declining balancerate). The following table has been partially filled for you. Please complete depreciation amounts andending book valuesProperty ClassDeclining Depreciat

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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Consider the following data on an asset: • Cost of the asset = $38,000 • Useful life = 6 years • Salvage value = $5,000 Compute the annual depreciation allowances and the resulting book values using a 150% declining balance method. Make sure that the last year's book value equals to the salvage value.
Book value Find the book value for the asset shown in the accompanying table, assuming that MACRS depreciation is being used E Recovery period (years) Elapsed time since purchase (years) Asset Installed cost A $987,000 2 The remaining book value is $ . (Round to the nearest dollar.) Data Table (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Rounded Depreciation Percentages by Recovery Year Using MACRS for First Four Property Classes Percentage by recovery year* 5 years Recovery year 3 years 7 years 10 years 1 33% 20% 14% 10% 45% 32% 25% 18% 15% 19% 18% 14% 7% 12% 12% 12% 12% 9% 9% 5% 9% 8% 9% 7% 4% 6% 6% 10 6% 11 4% Totals 100% 100% 100% 100% *These percentages have been rounded to the nearest whole percent to simplify calculations while retaining realism. To calculate the actual depreciation for tax purposes, be sure to apply the actual unrounded percentages or directly apply double-declining balance (200%)…
Prepare the depreciation schedule, using the declining-balance method (twice the straight-line rate). Note: Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Chevrolet Colorado Residual value Estimated life End of year 1 End of year 2 End of year 3 End of year 4 Cost of Chevy truck $ 25,000 $ 5,000 5 years Accumulated depreciation at Book value at beginning of year beginning of year Depreciation expense for year Accumulated depreciation at end of year Book value at end of year
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Requirement 1. For each depreciation method, prepare a depreciation schedule showing asset cost, depreciation expense, accumulated depreciation, and asset book value for each year of the asset's life. For the units of production method, round depreciation per unit to three decimal places. Before completing the straight-line depreciation schedule, calculate the straight-line depreciation rate. One year Useful life (SL) Depreciation rate - X 1 More Info - X Requirements Complete the Straight-Line Depreciation Schedule. Begin by filling out the schedule through 2019, and then complete the schedule by entering the amounts through 2022. On January 4, 2018, Bailey Enterprises, Inc., paid $205,600 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $1,000 for transportation charges, $100 for insurance for the equipment while in transit, $10,500 sales tax, and $2,800 for a special which to place the equipment in the plant.…
A boiler was installed at a cost of $500,000 with a 5-year recovery period. If MACRS depreciation is used, what is the Book Value at the end of year 2? Select choice closest to your answer. O a. $260,000 b. $250,000 O C. S240,000 O d. $230,000
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Using a double declining method find the annual depreciation expense of a building which was constructed for Php 1,000,000 with an estimated life of 15 years and a salvage value of Php 100,000. Make a depreciation schedule.