Design Pro purchased on October 1, 2022, $160,000 of furniture that was put into service on November 10, 2022. The furniture will beused for five years and then donated to a charity. Complete the schedule below by calculating annual depreciation for 2022, 2023,and 2024, applying the half-year convention for partial periods. The year-end is December 31. (Do not round intermediatecalculations.)Year202220232024DepreciationStraight-Line Double-Declining-Balance

Answer : Cost of assets = $160,000 Useful life = 5 Years a) Straight line depreciation :Straight…

Answered: s and then donated to ng the half-year…

Business

Accounting

s and then donated to ng the half-year conver Depreciation

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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Question

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Design Pro purchased on October 1, 2022, $160,000 of furniture that was put into service on November 10, 2022. The furniture will be
used for five years and then donated to a charity. Complete the schedule below by calculating annual depreciation for 2022, 2023,
and 2024, applying the half-year convention for partial periods. The year-end is December 31. (Do not round intermediate
calculations.)
Year
2022
2023
2024
Depreciation
Straight-Line Double-Declining-Balance

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