rmn.2 Revise your worksheet to reflect these updated assumptions and then answer the questions that follow.$ 108,000$ 27,000620,000Original CostEstimated Residual ValueEstimated Useful YearsEstimated UnitsActual Units:Year 1Year 2Year 3Year 4Year 5Year 6Required:1. Use your spreadsheet to recalculate Depreciation Expense, Accumulated Depreciation, and the Book Value for Year 6 undereach method. Note your revised values below.Depreciation ExpenseAccumulated DepreciationBook ValueNo2,0003,6004,40014,8004,0003,20022,00023Transactiona.2. Prepare the journal entry to record depreciation in Year 6 for each of the methods.Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.b.Answer is complete but not entirely correct.Double-Declining-BalanceC.$Straight-Line13,50081,00027,000Depreciation ExpenseAccumulated Depreciation081,00027,000No Journal Entry RequiredActivity-BasedAnswer is complete but not entirely correct.General JournalDepreciation ExpenseAccumulated Depreciation81,00027,000››Debit13,5000xCredit13,5000x

Depreciation refers to the noncash expense provided to allocate the cost of the fixed assets over…

Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. $ 108,000 $ 27,000 6 20,000 Original Cost Estimated Residual Value Estimated Useful Years Estimated Units Actual Units: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Required: 1. Use your spreadsheet to recalculate Depreciation Expense, Accumulated Depreciation, and the Book Value for Year 6 under each method. Note your revised values below. Depreciation Expense Accumulated Depreciation Book Value 2,000 3,600 4,400 4,800 4,000 3,200 22,000 No 1 2 3 Transaction a. Answer is complete but not entirely correct. Double- Declining- Balance b. Straight- Line 13,500 $ 81,000 27,000 2. Prepare the journal entry to record depreciation in Year 6 for each of the methods. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. OS Depreciation Expense Accumulated Depreciation 81,000 27,000 General Journal No Journal Entry Required Depreciation Expense Accumulated Depreciation Activity- Based Answer is complete but not entirely correct. 0x 81,000 27,000 ♥ ✔ > ›› Debit 13,500 0x Credit 13,500 0

Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. $ 108,000 $ 27,000 6 20,000 Original Cost Estimated Residual Value Estimated Useful Years Estimated Units Actual Units: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Required: 1. Use your spreadsheet to recalculate Depreciation Expense, Accumulated Depreciation, and the Book Value for Year 6 under each method. Note your revised values below. Depreciation Expense Accumulated Depreciation Book Value 2,000 3,600 4,400 4,800 4,000 3,200 22,000 No 1 2 3 Transaction a. Answer is complete but not entirely correct. Double- Declining- Balance b. Straight- Line 13,500 $ 81,000 27,000 2. Prepare the journal entry to record depreciation in Year 6 for each of the methods. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. OS Depreciation Expense Accumulated Depreciation 81,000 27,000 General Journal No Journal Entry Required Depreciation Expense Accumulated Depreciation Activity- Based Answer is complete but not entirely correct. 0x 81,000 27,000 ♥ ✔ > ›› Debit 13,500 0x Credit 13,500 0

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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