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Solve the problems below as indicated. Upload the completed assignment to this l
Solve the problems below as indicated. Upload the completed assignment to this link.
1. An asset was purchased for $58,000 and originally estimated to
have a useful life of 10 years with a residual value of $3,000. After
two years of straight-line depreciation, it was determined that the
remaining useful life of the asset was only 2 years with a residual
value of $2,000.
a) Determine the amount of the annual depreciation for the first two years.
b) Determine the book value at the end of Year 2.
c) Determine the depreciation expense for each of the remaining years after revision.
2. Machinery is purchased on July 1 of the current fiscal year for
$240,000. It is expected to have a useful life of 4 years, or 25,000
operating hours, and a residual value of $15,000. Compute the
depreciation for the last six months of the current fiscal year ending
December 31 by each of the following methods:
(a) straight-line
(b) double-declining-balance
(c) units-of-output (used for 1,600 hours during the current year)
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