Question
Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated...
Requirements 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. 2. Speedway prepares financial statements using the depreciation method that reports the highest net income in the early years of asset use. Consider the first year that Speedway uses the truck. Identify the depreciation method that meets the company's objectives. Print Done
Requirement 1. Prepare a depreciation schedule for each depreciation method, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Depreciation for the Year Depreciable Useful Depreciation Cost Life Expense Asset Cost 7 4.700 Accumulated Depreciation Book Value Date 1-1-2018 74.700 84 nol- Choose from any list or enter anu number in the input fields and then click Check Answer
Asset Useful Depreciable Cost Depreciation Expense Accumulated Depreciation Cost 74.700 Book Value 74.700 Date 1-1-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 12-31-2022 64,000 64.000/ 64.000 64,000 64.000/
Answers
Requirement -1 Straight line method Date Asset cost Depreciable cost Useful life Depreciation expense Accumulated Depreciation Book value 01/01/2018 $74,700 $74,700 12/31/2018 $64,000 / 5 = $12,800 $12,800 $61,900 12/31/2019 $64,000 / 5 = $12,800 $25,600 $49,100 12/31/2020 $64,000 / 5 = $12,800 $38,400 $36,300 12/31/2021 $64,000 / 5 = $12,800 $51,200 $23,500 12/31/2022 $64,000 / 5 = $12,800 $64,000 $10,700 Kindly upload full question for getting answers of other methods of depreciation.
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