heres the depreciation schedule
Depreciation schedulees Data Ledger Paper Blank Chapter 11 - Depreciation Problem Sharp Company purchased a piece of Equipment on April 1, 2018 for a cost of 5550,000 by issuing a 5 year, 5% Note Payable. Prior to putting it into use, Sharp paid $2,000 for delivery, S50,000 to reinforce the floor prior to installation and $7,000 for installation The equipment is anticipated to have a 10-year useful life and a salvage value of $20,000. It is expected that the equipment will produce 75,000 units in year I and 2, 60,000 units in years 3 through 8 and 10,000 units in years, and Management of Sharp Company has not decided which method of depreciation to use and has asked you to present an analysis of Depreciation Options 10, A. Prepare the joumal entry to record the acquisition and subsequent costs of the Equipment. (Answer on Lodger Paper) B. Prepare a depreciation schedule including Depreciation Expense, Accumulated Depreciation and Book Value for each of the following 4 methods 1. Straight Line Depreciation 2. Units of Production 3. Sum of the Years Digits 4. Double Declining Balance The template is included on the "Depreciation Schedules Tab. For full credit, show your calculations C. Assume that Sharp Corporation would like to choose the method that will result in the lowest net income for the first 5 years (average). Which deprecation method should they choose? (Answer on Ledger Paper) D. Prepare and record the journal entry for depreciation using the method chosen for 2018 through 2021 con ledger sheet) E.On April 1, 2022. Sharp decides to change to the Straight Line Depreciation Method. At that time they estimate that the useful life would actually be 8 years instead of 10. In addition, they believe the salvage value will be $15,000 instead of $20,000. Record depreciation expense for 2022-2023. F. On June 30, 2024, Sharp sells the equipment for $135,000. Record all entries for this transaction (on Ledger Sheet) Remember!!! All entries must be dated and have explanations Journal entries will be completed on Ledger Paper Depreciation Schedules will be completed on Depreciation Schedule Tab - In order to receive full credit you MUST show pour calculations-only answers will give you ZERO credit. Dhe 3034 M De LOR 300 OK ONE 2001 2002 IN Depreciation schedulees Data Ledger Paper Blank Chapter 11 - Depreciation Problem Sharp Company purchased a piece of Equipment on April 1, 2018 for a cost of 5550,000 by issuing a 5 year, 5% Note Payable. Prior to putting it into use, Sharp paid $2,000 for delivery, S50,000 to reinforce the floor prior to installation and $7,000 for installation The equipment is anticipated to have a 10-year useful life and a salvage value of $20,000. It is expected that the equipment will produce 75,000 units in year I and 2, 60,000 units in years 3 through 8 and 10,000 units in years, and Management of Sharp Company has not decided which method of depreciation to use and has asked you to present an analysis of Depreciation Options 10, A. Prepare the joumal entry to record the acquisition and subsequent costs of the Equipment. (Answer on Lodger Paper) B. Prepare a depreciation schedule including Depreciation Expense, Accumulated Depreciation and Book Value for each of the following 4 methods 1. Straight Line Depreciation 2. Units of Production 3. Sum of the Years Digits 4. Double Declining Balance The template is included on the "Depreciation Schedules Tab. For full credit, show your calculations C. Assume that Sharp Corporation would like to choose the method that will result in the lowest net income for the first 5 years (average). Which deprecation method should they choose? (Answer on Ledger Paper) D. Prepare and record the journal entry for depreciation using the method chosen for 2018 through 2021 con ledger sheet) E.On April 1, 2022. Sharp decides to change to the Straight Line Depreciation Method. At that time they estimate that the useful life would actually be 8 years instead of 10. In addition, they believe the salvage value will be $15,000 instead of $20,000. Record depreciation expense for 2022-2023. F. On June 30, 2024, Sharp sells the equipment for $135,000. Record all entries for this transaction (on Ledger Sheet) Remember!!! All entries must be dated and have explanations Journal entries will be completed on Ledger Paper Depreciation Schedules will be completed on Depreciation Schedule Tab - In order to receive full credit you MUST show pour calculations-only answers will give you ZERO credit. Dhe 3034 M De LOR 300 OK ONE 2001 2002 IN
