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 Depreciation Using Various Depreciation Methods To demonstrate the computations involved in several methods of depreciating a fixed asset, the following data are used for equipment purchased on January 1, 2020. Cost and residual value   Estimated service life:   Acquisition cost $26,250 Years 5 Residual value $1,050 Service hours 21,000     Productive output (units) 50,400 e. Double-declining-balance method: Compute the depreciation amount for each year. 2020 2021 2022 2023 2024 Answer   Answer   Answer   Answer   Answer

Equipment acquired on January 3,20Y1, at a cost of $412,500, has an estimated useful life of 20 years and an estimated residual a. What was the annual amount of depreciation for the years 20Y1,20Y2, and 20Y3, using the straight-line method of depreciation? Round annual depreciation to the nearest dollar and use this amount in your follow-on calculations. Depreciation expense \table[[20Y1,$

onsider the following data on an asset:Cost of the asset, I $235,000Useful life, N 5 yearsSalvage value, S $ 60,000Compute the annual depreciation allowances and theresulting book values, using(a) The straight-line depreciation method.(b) The double-declining-balance method

Note: Double Declining Balance = 200% Declining Balance A. How much is the depreciation for year 3? Select one: o a. P158,203.13 o b. P150,000 o c. P210,937.50 o d. P187,500 В. How much is the total depreciation as of year three using DDB method? C. What is the equipment's book value at the end of year three?

9. Compute for the depreciation in the first year using double declining method. a. 40,000 c. 72,000 b. 36,000 d. 80,000 10. How much is the book value of the equipment as of end of second year using output method of depreciation? a. 360,000 c. 301,500 b. 341,500 d. 230,000

Disposal of Fixed Asset Equipment acquired on January 8, 20Y1, at a cost of $607,500, has an estimated useful life of 17 years and an estimated residual value of $72,900. a. What was the annual amount of depreciation for the years 20Y1, 20Y2, and 20Y3, using the straight-line method of depreciation? Round annual depreciation to the nearest dollar and use this amount in your foll Depreciation expense 20Υ1 31,447 20Y2 31,447 20Υ3 31,447 b. What was the book value of the equipment on January 1, 20Y4? For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box bla c. Assuming that the equipment was sold on January 7, 20Y4, for $151,875, illustrate the effects on the accounts and financial statements of the sale. Balance Sheet Statement of Income Assets Liabilities + Stockholders' Equity Cash Flows Statement Cash v + Equipment Accumulated…

Calculate depreciation and fill out the form 4562 for 2022 year based on the following information: Depreciable assets: Recovery Prior Description Placed in Service Cost Method Convention Period Depreciation $32,963 MACRS/ 01/01/2020 $85,000 HY 7 200DB 01/15/2021 $13,930 HY 7 $1,991 04/15/20XX $1,900 7 Tools Equipment Sprayer MACRS/ 200DB MACRS/ 200DB HY Prior AMT Depreciation $32,963 $1,492 The S corporation has elected not to take the Section 179 deduction for the full amount of the cost of the sprayer or bonus depreciation.

Subject: accounting