Q Search the web.. ? k 1 Practice Problems Help Save a 2 On January 4, 2019, Col
ID: 2403753 • Letter: Q
Question
Q Search the web.. ? k 1 Practice Problems Help Save a 2 On January 4, 2019, Columbus Company purchased new equipment for $633,000 that had a useful life of four years and a salvage value of $43,000 Prepare a schedule showing the annual depreciation and end-of year accumulated depreciation for the first three years of the asset's Ife under the straight line method, the sum-of-the-years-digits method, and the double-declining balance method the double-declining balance method ts used to compute depreciation, what would be the book value of the asset at the end of 2020? Complete this question by entering your answers in the tabs below Straight Uine Sum of Year Doube Digits Decining Anlyze Prepare a schedule showing the annual depreciation and end of-year accumulated depreciation for the first three years of the asset's life under the double-dedining-balance method. (Round your Depreciation rate to 2 decimal places i.. S0% should b entered as 0.s0.) DOUBLE DECLINING BALANCE ME T ? Anoual A Year Book Value 2019 2020 2021 S 633000 7Explanation / Answer
Answer:
Value of the Equipment = $ 633,000
Useful life of the Asset = 4 years
Depreciation Rate as per Straight Line Method = 100/4 = 25%
Double Declining Depreciation Rate = 25* 2 = 50%
Year
Beginning Book Value
Rate
Annual Depreciation
Accumulated Depreciation
2019
633000
50%
316500
316500
2020
316500
50%
158250
474750
2021
158250
50%
79125
553875
2022
79125
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Year
Beginning Book Value
Rate
Annual Depreciation
Accumulated Depreciation
2019
633000
50%
316500
316500
2020
316500
50%
158250
474750
2021
158250
50%
79125
553875
2022
79125
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