Requirements 不 (Click the icon to view the information.) - Data table 1. Calculate the amount of monthly depreciation expense for the computer and office furniture for 2025. 2. For each asset, determine the book value as of December 31, 2024. Then, calculate the depreciation expense for the first six months of 2025 and the book value as of June 30, 2025. 3. Prepare a partial balance sheet showing Property, Plant, and Equipment as of June 30, 2025. Print Done Estimated Asset Canoes Acquisition Date Nov. 3, 2024 Residual Depreciation Monthly Depreciation Cost Estimated Life Value Method Expense $ 5,760 4 years $ 0 SL $ 120 Land Dec. 1, 2024 115,000 n/a Building Dec. 1, 2024 295,000 15 years 25,000 SL Canoes Dec. 2, 2024 4,800 4 years 0 SL 1,500 100 Computer Mar. 2, 2025 2,250 5 years 1,000 DDB Office Furniture Mar. 3, 2025 8,220 7 years 1,500 SL *SL = Straight-line; DDB = Double-declining-balance

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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.