FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

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 exp…
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…
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Question

How do I solve 2,3 and 4

**Depreciation Expense Calculation Practice** Answer the following questions related to depreciation expense calculation. Be sure to read each question carefully. **NOTE:** (Round Each Answer to the **Nearest dollar**, Do **NOT** use any **Commas, Dollar Signs** or **Periods**. - Example 6000). 1. A machine with a useful life of 12 years and residual value of $10,000 was purchased for $120,000 on January 1. What is the annual depreciation expense using the straight line method? - _Answer: 9167_ 2. A truck with a useful life of 7 years and a residual value of $0 was purchased for $49,000 on January 1. What is depreciation expense in year 5 under the straight line method? - _Answer:_ 3. A machine with a useful life of 5 years and residual value of $2,000 was purchased for $30,000 on January 1. What is the depreciation expense in year 2 using the double declining balance method? - _Answer:_ 4. A Semi-Truck with a useful life of 7 years and residual value of $50,000 was purchased for $225,000 on January 1. What is the depreciation expense for year 2 using the double declining balance? - _NOTE: For your DDB Rate calculation, Round the amount final amount to Three Decimal Places (.398 or 39.8%)._ - _Answer:_
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Transcribed Image Text:**Depreciation Expense Calculation Practice** Answer the following questions related to depreciation expense calculation. Be sure to read each question carefully. **NOTE:** (Round Each Answer to the **Nearest dollar**, Do **NOT** use any **Commas, Dollar Signs** or **Periods**. - Example 6000). 1. A machine with a useful life of 12 years and residual value of $10,000 was purchased for $120,000 on January 1. What is the annual depreciation expense using the straight line method? - _Answer: 9167_ 2. A truck with a useful life of 7 years and a residual value of $0 was purchased for $49,000 on January 1. What is depreciation expense in year 5 under the straight line method? - _Answer:_ 3. A machine with a useful life of 5 years and residual value of $2,000 was purchased for $30,000 on January 1. What is the depreciation expense in year 2 using the double declining balance method? - _Answer:_ 4. A Semi-Truck with a useful life of 7 years and residual value of $50,000 was purchased for $225,000 on January 1. What is the depreciation expense for year 2 using the double declining balance? - _NOTE: For your DDB Rate calculation, Round the amount final amount to Three Decimal Places (.398 or 39.8%)._ - _Answer:_
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Step 1: Meaning of depreciation

Depreciation means the loss in value of assets because of usage of assets , passage of time or change in technology.

Due to our policy , we can answer only first independent question. For rest answer , please post the question again with specific direction to solve the specific question.

 

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