P 11-3 Depreciation methods; partial periods Chapters 10 and 11 LO11-2 [This problem is a continuation of P 10-3 in Main content d: Chapter 10 focusing on depreciation.] For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2024, using the following depreciation methods and useful lives: Land improvements-Straight line; 15 years Building-150% declining balance; 20 years Equipment-Straight line; 10 years Automobiles-Units-of-production; $0.50 per mile Depreciation is computed to the nearest month and whole dollar amount, and no residual values are used. Automobiles were driven 38,000 miles in 2024.

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Computing Partial Period Depreciation under Multiple Depreciation Methods To demonstrate the computations involved in several methods of depreciating a fixed asset, the following information is provided. Cost and residual value   Estimated service life   Acquisition cost $62,500 Years 5 Residual value $2,500 Service hours 50,000     Productive output (units) 120,000 d. Sum-of-the-years’-digits method: Compute the depreciation amount for each year.   2020 2021 2022 2023 2024 2025 Answer   Answer   Answer   Answer   Answer   Answer       e. Double-declining-balance method: Compute the depreciation amount for each year.   2020 2021 2022 2023 2024 2025 Answer   Answer   Answer   Answer   Answer   Answer   Required Compute the annual depreciation using each of the following methods assuming that the asset was purchased on August 1, 2020.

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