From the assignment file, you have to relate the given statements with the straight line, diminishing balance and units of production method. If a particular statement is applicable to more than 1 method, you have to write the statement number in both or all of the methods.

Submission should be in the worksheet file where you have to add the statement number only (from the assignment sheet) in the respective method of depreciation.

Calculating and recording depreciationconcepts 1. A common depreciation rate is double the straight-line rate 2. Annual depreciation is prorated if used for part of the year 3. Annual percentage rate of depreciation = 100% estimated useful life 4. Assumes economic benefits used vary significantly from one period to another 5. Assumes more economic benefits will be used in the earliest years of the assets life 6. Carrying amount = Cost less accumulated depreciation 7. Carrying amount at the end of the useful life = residual value 8. Depreciation expense = depreciable amount x percentage rate 9. Depreciation expense = units of output during the year x depreciation rate per unit 10. Depreciation expense decreases annually over the assets useful life 11. Depreciation expense is based on a diminishing carrying amount 12. Depreciation expense is calculated by multiplying the carrying amount at the beginning of the year by the depreciation rate 13. Depreciation expense is the same amount each year of the assets useful life 14. Depreciation rate per unit = depreciable amount units of production for the entire useful life 15. Depreciation rate remains constant from year to year. 16. Depreciation stops when the assets carrying amount equals its estimated residual value 17. Does not impact cash flow 18. Does not require partial year depreciation 19. Final years depreciation amount is adjusted so the carrying amount equals the residual value 20. Journal entry to record depreciation expense requires a credit to Accumulated Depreciation 21. Journal entry to record depreciation expense requires a debit to Depreciation Expense. 22. Not suitable for assets like buildings or furniture 23. Residual value is deducted from the assets cost to determine the depreciable amount 24. Residual value is not included in determining the depreciation rate or depreciation expense 25. Results in lower profit during the first years 26. Total depreciation over the life of the asset is equal to the depreciable amount 27. Used by the majority of publicly-traded companies 28. Used when management estimates the economic benefits of the assets will be used evenly over the assets useful life 29. Useful life is not expressed in time (e.g. years)--useful life is estimated total units of production 30. Used for an asset whose activity can be measured in units of output 31. Widely used for depreciation of natural resources

Calculating and recording depreciation--grid Straight-line Diminishing-balance Units-of-production