I need to fill in these tables # Depreciation Methods: Educational Overview## Double Declining BalanceThis section provides a tabular framework to calculate depreciation using the **Double Declining Balance** method over seven years. The table has columns for:- **Depreciation Expense**: The amount by which an asset's value decreases annually.- **Accumulated Depreciation**: The cumulative depreciation of the asset over time.- **Carrying Value**: The book value of the asset after depreciation.### Table Structure- **Rows**: Represent each year from Year 1 to Year 7.- **Columns**: Include spaces to fill out the required calculations for each year.## Units of Production MethodThis section provides a structure for calculating depreciation using the **Units of Production Method** over the same seven-year span. The table includes:- **Depreciation Expense**: Calculated based on the actual usage or production output.- **Accumulated Depreciation**: Total depreciation since the asset was placed in service.- **Carrying Value**: What the asset is worth after accounting for depreciation.### Table Structure- **Rows**: Each row corresponds to a year, from Year 1 to Year 7.- **Columns**: Headings are the same as the Double Declining Balance table for consistency.Both tables should be filled with the corresponding financial data to analyze and compare the impact of different depreciation methods on the asset's value over time. **Car Depreciation Analysis****Car Details:**- **Type of Car:** Porsche- **Cost of Car:** $78,100- **Useful Life:** 5 years- **Residual Value:** $3,100**Estimated Miles:**- **Total Estimated Miles:** 100,000- **Miles by Year:** - **Year 1:** 28,000 miles - **Year 2:** 35,000 miles - **Year 3:** 25,000 miles - **Year 4:** 12,000 miles**Straight-Line Depreciation Schedule:**| Year | Depreciation Expense | Accumulated Depreciation | Carrying Value ||--------|----------------------|--------------------------|----------------|| Year 1 | $15,000 | | || Year 2 | | | || Year 3 | | | || Year 4 | | | || Year 5 | | | || Year 6 | | | || Year 7 | | | |This table illustrates the straight-line depreciation method, where the depreciation expense is the same each year over the useful life of the asset. Only Year 1 shows an initial depreciation expense, and further calculations are required for subsequent years to complete the schedule.

Depreciation: It is the method used to charge the cost of the asset to the income statement every year from the carrying value of the asset in the balance sheet. Depreciation can also be defined as the normal wear and tear in the asset value due to its use in the business expressed in terms of money. There are various methods for assigning depreciation expense are the reducing balance method, straight-line method, units of production method, etc.Straight Line Depreciation table is as follows: Reference: Calculation: Units of production method depreciation table is as follows: Reference: Calculation: Double Declining Balance Method is as follows: Reference: Calculation: Note: Depreciation in year 5 is adjusted to arrive at the salvage value.

Business

Accounting

Type of Car: Porsche Cost of Car: $78,100 Useful Life: 5 years Residual Value: $3,100 Estimated Miles: 100,000 Miles by Year: Year 1: 28,000 Year 2:35,000 Year 3: 25,000 Year 4:12,000 STRAIGHT-LINE DEPRECIATION Depreciation Accumulated Carrying Expense Depreciation Value Year 1 15,000 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

Type of Car: Porsche Cost of Car: $78,100 Useful Life: 5 years Residual Value: $3,100 Estimated Miles: 100,000 Miles by Year: Year 1: 28,000 Year 2:35,000 Year 3: 25,000 Year 4:12,000 STRAIGHT-LINE DEPRECIATION Depreciation Accumulated Carrying Expense Depreciation Value Year 1 15,000 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

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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