answer in text form please (without image) Kingbird AG purchased a new plant asset on April 1, 2022, at a cost of €954,000. It was estimated to have a service life of 20 years anda residual value of €78,720. Kingbird' accounting period is the calendar year.(a)Your Answer Correct AnswerYour answer is correct.Compute the depreciation for this asset for 2022 and 2023 using the sum-of-the-years-digits method. (Round answers to O decimalplaces, e.g. 45,892.)Depreciation for 2022Depreciation for 2023 €(b)eTextbook and MediaSolution* Your answer is incorrect.Compute the depreciation for this asset for 2022 and 2023 using the double-declining-balance method. (Round answers to Odecimal places, e.g. 45,892.)Depreciation for 2022 €Depreciation for 2023 €95400Attempts: 2 of 2 used85860

Name: answer in text form please (without image) Kingbird AG purchased a new
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Description: answer in text form please (without image) Kingbird AG purchased a new plant asset on April 1, 2022, at a cost of €954,000. It was estimated to have a service life of 20 years anda residual value of €78,720. Kingbird' accounting period is the calenda

The sum of year's digits approach is a finance and accounting strategy for allocating an asset's…

Business

Accounting

* Your answer is incorrect. Compute the depreciation for this asset for 2022 and 2023 using the double-declining-balance method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for 2022 € Depreciation for 2023 € 95400 85860

* Your answer is incorrect. Compute the depreciation for this asset for 2022 and 2023 using the double-declining-balance method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for 2022 € Depreciation for 2023 € 95400 85860

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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