Now change the Cost, Life of the Asset, and Salvage Value for all of the assets listed in the table in your worksheet to match theinformation below:Asset No.1-0011-0021-0031-0041-0051-0061-007Fixed Asset NameDesktop computer13"LaptopLaptop 15"Tablet4-person WorkstationOffice chairs (set of 4)70" Flat Screen TV-Straight-LineDouble-DecliningStraight-LineDouble-DecliningStraight-LineDouble-DecliningTotal DepreciationYear 1$1,940Cost$1,700$1,100$2,700$ 650Be sure to also check the Cost in both of your Depreciation Method tables in your worksheet so that it matches the updatedinformation.Total AccumulatedDepreciationYear 1$3,100$1,000$1,500Required:2a. Complete the chart below that shows comparisons of the two depreciation methods. (Round your answers to the nearest wholedollar.)Total Net BookValue Year 1Life of Asset5Total DepreciationYear 255510105Total AccumulatedDepreciationYear 2Salvage Value$ 0$ 0Total Net BookValue Year 2Total DepreciationYear 3es es es es eseTotal AccumulatedDepreciationYear 3OOTotal Net BookValue Year 3$ 0$ 0$500$100$250

Name: Now change the Cost, Life of the Asset, and Salvage Value for all of
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Description: Now change the Cost, Life of the Asset, and Salvage Value for all of the assets listed in the table in your worksheet to match theinformation below:Asset No.1-0011-0021-0031-0041-0051-0061-007Fixed Asset NameDesktop computer13"LaptopLaptop 15"Tablet

Straight Line Method (SLM): Under this method, a fixed portion of asset is depreciated each year…

Business

Accounting

Required: 2a. Complete the chart below that shows comparisons of the two depreciation methods. (Round your answers to the nearest whole dollar.) Straight-Line Double-Declining Straight-Line Double-Declining Straight-Line Double-Declining Total Depreciation Year 1 $ 1,940 Total Accumulated Depreciation Year 1 Total Net Book Value Year 1 Total Depreciation Year 2 Total Accumulated Depreciation Year 2 Total Net Book Value Year 2 Total Depreciation Year 3 Total Accumulated Depreciation Year 3 Total Net Book Value Year 3

Required: 2a. Complete the chart below that shows comparisons of the two depreciation methods. (Round your answers to the nearest whole dollar.) Straight-Line Double-Declining Straight-Line Double-Declining Straight-Line Double-Declining Total Depreciation Year 1 $ 1,940 Total Accumulated Depreciation Year 1 Total Net Book Value Year 1 Total Depreciation Year 2 Total Accumulated Depreciation Year 2 Total Net Book Value Year 2 Total Depreciation Year 3 Total Accumulated Depreciation Year 3 Total Net Book Value Year 3

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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On January 1, 2023, a machine was purchased for $105,000. The machine has an estimated salvage value of $6,420 and an estimated useful life of 5 years. The machine can operate for 106,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2023, 21,200 hours; 2024, 26,500 hours; 2025, 15,900 hours: 2026, 31,800 hours; and 2027, 10,600 hours. Compute the annual depreciation charges over the machine's life assuming a December 31 year-end for each of the following depreciation methods. (Round rate per hour to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 45,892.) 1. Straight-line Methodi $ 2. Activity Method Year 2023 2024 2025 $ 19,716 19,716 24,645 14,787
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