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Year 1 2 3 4 5 Total Straight-Line $12,780 12,780 12,780 12,780 12,780 $63,900 Sum-of-the- Double-Declining- Years'-Digits Balance $21,300 17,040 Answer the following questions. 12,780 8,520 4,260 $63,900 $28,400 17,040 10,224 6,134 2,102 $63,900

Year 1 2 3 4 5 Total Straight-Line $12,780 12,780 12,780 12,780 12,780 $63,900 Sum-of-the- Double-Declining- Years'-Digits Balance $21,300 17,040 Answer the following questions. 12,780 8,520 4,260 $63,900 $28,400 17,040 10,224 6,134 2,102 $63,900

FINANCIAL ACCOUNTING
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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(b) What amount, if any, was used in the depreciation calculations for the salvage value for this asset? Salvage value $ eTextbook and Media eTextbook Assistance Used
Transcribed Image Text:(b) What amount, if any, was used in the depreciation calculations for the salvage value for this asset? Salvage value $ eTextbook and Media eTextbook Assistance Used
Kingbird Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three different methods to compare the results of using one method with the results of using other methods. You are to assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method, (2) the sum-of-the-years'-digits method, and (3) the double-declining-balance method. Year Straight-Line $12,780 1 2 3 4 5 Total 12,780 12,780 12,780 12,780 $63,900 Sum-of-the- Years'-Digits $21,300 17,040 12,780 8,520 Answer the following questions. 4,260 $63,900 Double-Declining- Balance $28,400 17,040 10,224 6,134 2,102 $63,900
Transcribed Image Text:Kingbird Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three different methods to compare the results of using one method with the results of using other methods. You are to assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method, (2) the sum-of-the-years'-digits method, and (3) the double-declining-balance method. Year Straight-Line $12,780 1 2 3 4 5 Total 12,780 12,780 12,780 12,780 $63,900 Sum-of-the- Years'-Digits $21,300 17,040 12,780 8,520 Answer the following questions. 4,260 $63,900 Double-Declining- Balance $28,400 17,040 10,224 6,134 2,102 $63,900
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