Get the answers you need at Westonci.ca, where our expert community is always ready to help with accurate information. Ask your questions and receive precise answers from experienced professionals across different disciplines. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.
Sagot :
Answer:
$13,500
$24,000
$30,000
Explanation:
Straight line depreciation expense = (Cost of asset - Salvage value) / useful life
($120,000 - $12,000) / 8 = $13,500
the depreciation expense each year would be $13500
b. Sum-of-the-year digits = (remaining useful life / sum of the years ) x (Cost of asset - Salvage value)
Sum of the years = 1 +2 +3 +4 + 5 + 6 + 7 + 8 = 36
Remaining useful life = 8
(8/36) x ($120,000 - $12,000) = $24,000
c. Depreciation expense using the double declining method = Depreciation factor x cost of the asset
Depreciation factor = 2 x (1/useful life) = 2/8 = 0.25
0.25 x $120,000 = $30,000
We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.
