Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. $ 108,000 $ 27,000 6 20,000 Original Cost Estimated Residual Value Estimated Useful Years Estimated Units Actual Units: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Required: 1. Use your spreadsheet to recalculate Depreciation Expense, Accumulated Depreciation, and the Book Value for Year 6 under each method. Note your revised values below. Depreciation Expense Accumulated Depreciation Book Value 2,000 3,600 4,400 4,800 4,000 3,200 22,000 No 1 2 3 Transaction a. Answer is complete but not entirely correct. Double- Declining- Balance b. Straight- Line 13,500 $ 81,000 27,000 2. Prepare the journal entry to record depreciation in Year 6 for each of the methods. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. OS Depreciation Expense Accumulated Depreciation 81,000 27,000 General Journal No Journal Entry Required Depreciation Expense Accumulated Depreciation Activity- Based Answer is complete but not entirely correct. 0x 81,000 27,000 ♥ ✔ > ›› Debit 13,500 0x Credit 13,500 0
Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. $ 108,000 $ 27,000 6 20,000 Original Cost Estimated Residual Value Estimated Useful Years Estimated Units Actual Units: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Required: 1. Use your spreadsheet to recalculate Depreciation Expense, Accumulated Depreciation, and the Book Value for Year 6 under each method. Note your revised values below. Depreciation Expense Accumulated Depreciation Book Value 2,000 3,600 4,400 4,800 4,000 3,200 22,000 No 1 2 3 Transaction a. Answer is complete but not entirely correct. Double- Declining- Balance b. Straight- Line 13,500 $ 81,000 27,000 2. Prepare the journal entry to record depreciation in Year 6 for each of the methods. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. OS Depreciation Expense Accumulated Depreciation 81,000 27,000 General Journal No Journal Entry Required Depreciation Expense Accumulated Depreciation Activity- Based Answer is complete but not entirely correct. 0x 81,000 27,000 ♥ ✔ > ›› Debit 13,500 0x Credit 13,500 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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