Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below] On April 1, Cyclone Company purchases a trencher for $280,000. The machine is expected to last five years and have a salvage value of $40,000. Exercise 8-12 (Static) Double-declining-balance, partial-year depreciation LO C2 Compute depreciation expense at December 31 for both the first year and second year assuming the company uses the double- declining-balance method. Note: Enter all amounts as positive values. Annual Period Beginning of Period Book Value: Year 1 Year 2 Depreciation for the Period Depreciation Rate Partial Year Depreciation Expense End of Period Accumulated Depreciation Book Value

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
Use the following information for the Exercises below. (Static)
[The following information applies to the questions displayed below]
On April 1, Cyclone Company purchases a trencher for $280,000. The machine is expected to last five years and have a
salvage value of $40,000.
Exercise 8-12 (Static) Double-declining-balance, partial-year depreciation LO C2
Compute depreciation expense at December 31 for both the first year and second year assuming the company used the double-
declining-balance method.
Note: Enter all amounts as positive values.
Annual Period Beginning of
Period Book
Value
Year 1
Year 2
Depreciation for the Period
Depreciation
Rate
Partial Year
Depreciation
Expense
End of Period
Accumulated
Depreciation
Book Value
Transcribed Image Text:Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below] On April 1, Cyclone Company purchases a trencher for $280,000. The machine is expected to last five years and have a salvage value of $40,000. Exercise 8-12 (Static) Double-declining-balance, partial-year depreciation LO C2 Compute depreciation expense at December 31 for both the first year and second year assuming the company used the double- declining-balance method. Note: Enter all amounts as positive values. Annual Period Beginning of Period Book Value Year 1 Year 2 Depreciation for the Period Depreciation Rate Partial Year Depreciation Expense End of Period Accumulated Depreciation Book Value
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