depreciation expense for Year

Which method of computing depreciation expense results in the amount of depreciation for each year depending on the units-of-production for that year?     A. Straight line     B. Double-declining balance     C. Units-of-production     D. Sum-of-the-years digits     E. None of the above

Average age of a company's long-term operating assets is computed as ________. Group of answer choices the amount of depreciation expense divided by accumulated depreciation the balance of ending net fixed assets divided by depreciation expense the amount of depreciation expense divided by the balance of ending net fixed assets the amount of accumulated depreciation divided by depreciation expense

Record the entry for additional depreciation expense on revaluation of equipment due to conversion from U.S. GAAP to IFRS. Note: Enter debits before credits.           Date Account Title Debit Credit 12/31/2021

Equipment was acquired at the beginning of the year at a cost of $79,680. The equipment was depreciated using the straight-line method based upon an estimated useful life of 6 years and an estimated residual value of $7,980. Required: a. What was the depreciation expense for the first year? b. Assuming the equipment was sold at the end of the second year for $60,242, determine the gain or loss on sale of the equipment. C. Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.

what is the definition of this method of depreciation: Sum of years digits?

Required: State the effect (higher, lower, no effect) of accelerated depreciation relative to straight-line depreciation on a. Depreciation expense in the first year. b. The asset's net book value after two years. Cash flows from operations (excluding income taxes). с.

Answer full question.

The purpose of the depreciation adjustment is to:   -spread the cost invested in an asset over its useful life. -show the current market value of the asset. -set up a reserve fund for purchasing a new asset. -expense the full amount of the asset in the year purchased.

Q: Accumulated depreciation represents: Select one: O a. The depreciation taken on fixed assets for one year O b. The decline in value on Property, Plant, and Equipment O c. The depreciation taken since the asset was purchased O d. The loss from damage on an asset