Can you please correct the wrong ones!
Required: a-1. Prepare a complete depreciation schedule, beginning with the current year, using the straight-line method. (Assume that the half- year convention is used). a-2. Prepare a complete depreciation schedule, beginning with the current year, using the 200 percent declining-balance method. (Assume that the half-year convention is used). a-3. Prepare a complete depreciation schedule, beginning with the current year, using the 150 percent declining-balance, switching to straight-line when that maximizes the expense. (Assume that the half-year convention is used). b. Which of the three methods computed in part a is most common for financial reporting purposes? c. Assume that Swanson & Hiller sells the machine on December 31 of the fourth year for $36,000 cash. Compute the resulting gain or loss from this sale under each of the depreciation methods used in part a. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 Req A3 Req B Reqc Prepare a complete depreciation schedule, beginning with the current year, using the straight-line method. (Assume that the half-year convention is used). Year 1 2 3 Depreciation Accumulated Book Value Expense Depreciation $ 15,000 $ 15,000 $ 145,000 30,000 45,000 115,000 30,000 75,000 85,000 30,000 105,000 55,000 30,000 130,000 X 25,000 15,000 145,000 x 10,000 4 5 6 Required: a-1. Prepare a complete depreciation schedule, beginning with the current year, using the straight-line method. (Assume that the half- year convention is used). a-2. Prepare a complete depreciation schedule, beginning with the current year, using the 200 percent declining-balance method. (Assume that the half-year convention is used). a-3. Prepare a complete depreciation schedule, beginning with the current year, using the 150 percent declining-balance, switching to straight-line when that maximizes the expense. (Assume that the half-year convention is used). b. Which of the three methods computed in part a is most common for financial reporting purposes? c. Assume that Swanson & Hiller sells the machine on December 31 of the fourth year for $36,000 cash. Compute the resulting gain or loss from this sale under each of the depreciation methods used in part a. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req B Reqc Prepare a complete depreciation schedule, beginning with the current year, using the 200 percent declining-balance method. (Assume that the half-year convention is used). (Adjust year 6 depreciation, if necessary, so that the total depreciation expense equals depreciable value of the asset. Round your answers to the nearest dollar amount.) Year 1 2 3 Depreciation Accumulated Book Value Expense Depreciation $ 32,000 $ 32,000 $ 128,000 51,200 83,200 76,800 30,720 113,920 46,080 18,432 132,260 X 27,650 X 11,060 x 143,320 X 16,680 X 3,340 X 146,660 X 13,340 X 4 5 6 Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at a cost of $160,000. The machine's estimated useful life at the time of the purchase was five years, and its residual value was $10,000. The company reports on a calendar year basis. Required: a-1. Prepare a complete depreciation schedule, beginning with the current year, using the straight-line method. (Assume that the half- year convention is used). a-2. Prepare a complete depreciation schedule, beginning with the current year, using the 200 percent declining-balance method. (Assume that the half-year convention is used). a-3. Prepare a complete depreciation schedule, beginning with the current year, using the 150 percent declining-balance, switching to straight-line when that maximizes the expense. (Assume that the half-year convention is used). b. Which of the three methods computed in part a is most common for financial reporting purposes? c. Assume that Swanson & Hiller sells the machine on December 31 of the fourth year for $36,000 cash. Compute the resulting gain or loss from this sale under each of the depreciation methods used in part a. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 Req A3 Reg B Reg C Prepare a complete depreciation schedule, beginning with the current year, using the 150 percent declining-balance, switching to straight-line when that maximizes the expense. (Assume that the half-year convention is used). (Adjust year 6 depreciation, if necessary, so that the total depreciation expense equals depreciable value of the asset. Round your answers to the nearest dollar amount.) Show less Year 1 2 3 Depreciation Accumulated Book Value Expense Depreciation $ 24,000 $ 24,000 $ 136,000 40,800 64,800 95,200 28,560 93,360 66,640 20,000 113,360 X 46,640 X 14,000 127,360 X 32,640 X 4,900 X 132,260 X 27,740 X 4 5 6 Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at a cost of $160,000. The machine's estimated useful life at the time of the purchase was five years, and its residual value was $10,000. The company reports on a calendar year basis. Required: a-1. Prepare a complete depreciation schedule, beginning with the current year, using the straight-line method. (Assume that the half- year convention is used). a-2. Prepare a complete depreciation schedule, beginning with the current year, using the 200 percent declining-balance method. (Assume that the half-year convention is used). a-3. Prepare a complete depreciation schedule, beginning with the current year, using the 150 percent declining-balance, switching to straight-line when that maximizes the expense. (Assume that the half-year convention is used). b. Which of the three methods computed in part a is most common for financial reporting purposes? c. Assume that Swanson & Hiller sells the machine on December 31 of the fourth year for $36,000 cash. Compute the resulting gain or loss from this sale under each of the depreciation methods used in part a. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req B Reqc Which of the three methods computed in part a is most common for financial reporting purposes? Which method would probably used for financial reporting purposes? Straight-line method Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at a cost of $160,000. The machine's estimated useful life at the time of the purchase was five years, and its residual value was $10,000. The company reports on a calendar year basis. Required: a-1. Prepare a complete depreciation schedule, beginning with the current year, using the straight-line method. (Assume that the half- year convention is used). a-2. Prepare a complete depreciation schedule, beginning with the current year, using the 200 percent declining-balance method. (Assume that the half-year convention is used). a-3. Prepare a complete depreciation schedule, beginning with the current year, using the 150 percent declining-balance, switching to straight-line when that maximizes the expense. (Assume that the half-year convention is used). b. Which of the three methods computed in part a is most common for financial reporting purposes? c. Assume that Swanson & Hiller sells the machine on December 31 of the fourth year for $36,000 cash. Compute the resulting gain or loss from this sale under each of the depreciation methods used in part a. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req A3 Req B Reqc Assume that Swanson & Hiller sells the machine on December 31 of the fourth year for $36,000 cash. Compute the resulting gain or loss from this sale under each of the depreciation methods used in part a. (Use rounded book values for calculations. Round your final answers to the nearest whole dollar.) Straight-Line 200 percent declining-balance 150 percent declining-balance Loss on disposal Gain on disposal Loss on disposal 19,000 8,350 X 10,640 X
