Journal entries. Please show Work and thank you Straight Line Depreciation Store

Question

Journal entries. Please show Work and thank you
Straight Line Depreciation Store Equipment— Assets were held for the entire year Residual Value: 18000 Cost: 120,000 Useful Life: 5 Years
Double Declining Method Office Equipment — Assets were purchased on February 1st, 2018 Residual Value: 3000 Service Life: 4 Years


Journal entries. Please show Work and thank you
Straight Line Depreciation Store Equipment— Assets were held for the entire year Residual Value: 18000 Cost: 120,000 Useful Life: 5 Years
Double Declining Method Office Equipment — Assets were purchased on February 1st, 2018 Residual Value: 3000 Service Life: 4 Years



Straight Line Depreciation Store Equipment— Assets were held for the entire year Residual Value: 18000 Cost: 120,000 Useful Life: 5 Years
Double Declining Method Office Equipment — Assets were purchased on February 1st, 2018 Residual Value: 3000 Service Life: 4 Years

Explanation / Answer

Straight Line Depreciation

= 120000 - 18000 / 5 year

=20400 per year

JOurnal entry

Depreciation   A/c Dr.   20400 $

    To Equipment Asset A/c                         20400 $

Double Declining Method

Dep base = 120000 - 3000

= 117000

Dep. expense = 117000 / 4

= $ 29250

Rate = 29250 / 117000

= 25 %

Double dec rate = 25*2

= 50%

JOurnal entry

Depreciation   a/c Dr.       $ 60000

   To equipment asset a/c             $ 60000

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