Nassau Community CSafety Serve : NY D wleyPLUS Advanced Search Dect Admision-1 B

Question

Nassau Community CSafety Serve : NY D wleyPLUS Advanced Search Dect Admision-1 B Contact Ust Nassu CommunityCurrent Applications ACCOUNTING I/II (Accounting 101/ 10 Kimmel, Accounting 6e A plant asset acquaired on October 1, 2017, at a cost of $800,000 has an estimated useful life of 10 years. The salvage value is estimated to be $50,000 at the end of the Your andwer is incorrect. Try again. Determine the depreciation expense for the Sest two years using the Straight-ine method traight-line method Your answer is Incormect. Try again Determine the depredation expense for the first two years uning the Double-declining-balance method. Year 1 Click if you woald Ske to show Work for this question: ehon Work

Explanation / Answer

a) Straight line method :

Straight line dep = (800000-50000)/10 = 75000

2017 dep = 75000*3/12 = 18750

2018 dep = 75000

b) Double decline balance dep :

Straight line rate = 100/10 = 10%

Double decline rate = 10*2=20%

2017 dep = 800000*20%*3/12 = 40000

2018 dep = (800000*20%*9/12+800000*80%*20%*3/12) = 152000

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