eBook Calculator Printiem Capital Expenditure and Depreciation Willow Creek purchased and installed carpet in its new general offices on March 30 for a total cost of $5,280. The carpet is estimated to have a 8-year useful life and no residual value a. Prepare the journal entry necessary for recording the purchase of the new carpet. March 30 Carpet 5.280 Cash 5.2007 Feedback Check My Work Is this purchase proving or extending the We of these? Or is this purchase ang at will only been period? Learning Octve 1. Learning Objective 2 b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line method. Do not round intermediate calculations Dec 31 Depreciation Expense Carpet 660X Accumulated Depreciation Carpet 660 X Calculator Print item The double-declining balance rate for calculating depreciation expense is determined by doubling the straight-line rate. Assuming that an asset has a useful life of 25 years, determine the rate to be used if using the double declining balance method Printem Double-Declining-Balance Depreciation A building acquired at the beginning of the year at a cost of $67,200 has an estimated residual value of $4,700 and an estimated useful life of four years. Determine the following (a) The double-declining balance rate (b) The double-declining balance depreciation for the first year Depreciation by Two Methods A Kubota tractor acquired on January 9 at a cost of $315,000 has an estimated useful life of ten years. Assuming that it will have no residual value. a. Determine the depreciation for each of the first two years by the straight-line method. First Year Second Year b. Determine the depreciation for each of the first two years by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your final answer to the nearest dollar. First Year Second Year