Assignment- Plant assets P10-31-solution

Assignment- Plant assets P10-31-solution - (30-40 min.) P...

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(30-40 min.) P 10-31A Req. 1 Straight-Line Depreciation Schedule Depreciation for the Year DATE ASSET COST DEPRECIATION RATE × DEPRECIABLE COST = DEPRECIATION EXPENSE ACCUMULATED DEPRECIATION ASSET BOOK VALUE 1-02-2006 $70,000 $70,000 12-31-2006 1/6 $55,800 $ 9,300 $ 9,300 60,700 12-31-2007 1/6 55,800 9,300 18,600 51,400 12-31-2008 1/6 55,800 9,300 27,900 42,100 12-31-2009 1/6 55,800 9,300 37,200 32,800 12-31-2010 1/6 55,800 9,300 46,500 23,500 12-31-2011 1/6 55,800 9,300 55,800 14,200 $55,800 __________ Asset cost: $63,000 + $2,200 + $800 + $4,000 = $70,000 Depreciation for the year: ($70,000 $14,200) / 6 years = $9,300
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(continued) P 10-31A Req. 1 Units-of-Production Depreciation Schedule Depreciation for the Year DATE ASSET COST DEPRECIATION PER MILE × NUMBER OF MILES = DEPRECIATION EXPENSE ACCUMULATED DEPRECIATION ASSET BOOK VALUE 1-02-2006 $70,000 $70,000 12-31-2006 $.558 18,000 $10,044 $10,044 59,956 12-31-2007 .558 18,000 10,044 20,088 49,912 12-31-2008 .558 18,000 10,044 30,132
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Assignment- Plant assets P10-31-solution - (30-40 min.) P...

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