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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Depreciation by Two Methods
A storage tank acquired at the beginning of the fiscal year at a cost of $122,400 has an estimated residual
value of $7,000 and an estimated useful life of 10 years.
a. Determine the amount of annual depreciation by the straight-line method.
b. Determine the amount of depreciation for the first and second years computed by the double-declining-
balance method. Do not round the double-declining balance rate. If required, round your answers to the
nearest dollar.
Depreciation
Year 1
Year 2
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Depreciation by Two Methods
A storage tank acquired at the beginning of the fiscal year at a cost of $122,400 has an estimated residual
value of $7,000 and an estimated useful life of 10 years.
a. Determine the amount of annual depreciation by the straight-line method.
b. Determine the amount of depreciation for the first and second years computed by the double-declining-
balance method. Do not round the double-declining balance rate. If required, round your answers to the
nearest dollar.
Depreciation
Year 1
Year 2
( Previous
Next
Check My Work
Save and Exit
Submit Assignment for Gradin
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- can you explain why the answer for the third part is option number 2 from the selection of answersarrow_forwardWhat is the formula used for the questions without using excel?arrow_forwardZina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800arrow_forward
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