Swanson & Hiller, Inc., purchased a new machine on September 1, 2008, at a cost

Question

Swanson & Hiller, Inc., purchased a new machine on September 1, 2008, at a cost of $118,000. The machine's estimated useful life at the time of the purchase was five years, and its residual value was $6,000.

a-1.

Prepare a complete depreciation schedule, beginning with calendar year 2008, using the straight-line method (assume that the half-year convention is used). (Omit the "$" sign in your response.)

Swanson & Hiller, Inc., purchased a new machine on September 1, 2008, at a cost of $118,000. The machine's estimated useful life at the time of the purchase was five years, and its residual value was $6,000.

a-1.

Prepare a complete depreciation schedule, beginning with calendar year 2008, using the straight-line method (assume that the half-year convention is used). (Omit the "$" sign in your response.)

Explanation / Answer

HI,

Please find the answers as follows:

Depreciation Expense Per Year = (118000 - 6000)/5 = 22400

Depreciation Schedule

Thanks.

Year Depreciation Expense Accumulated Depreciation Book Value 2008 22400 22400 106800 2009 22400 44800 84400 2010 22400 67200 50800 2011 22400 89600 28400 2012 22400 112000 6000

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