Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help please, for the useful life equipment in years part to be in atleast half a page with sources cited and the other

I need help please, for the useful life equipment in years part to be in atleast half a page with sources cited and the other parts in spreadsheet format.
image text in transcribed
o 200% declining balance method Show the depreciation expense, accumulated depreciation, and remaining book value for each year. Pay attention to the purchase date of your equipment. This will affect the calculation for year / and the last year. Assume the use of the fractional year method. To complete your depreciation schedule, you will need to research: The total estimated useful life of the equipment, in years Any possible salvage value at the end of the equipment's useful life Using your depreciation schedule, journalize the entry to record depreciation for 5 separate years. If your equipment has an estimated useful life of, say, 10 years, then you need to journalize the entry for five of those ten years, detailing which year each entry refers to Using your depreciation schedule, pick two separate years (can be any two). o For one year, illustrate what the journal entry would look like if you were to dispose of the equipment and sell it at a gain at the end of that year. You will need to determine a fictitious selling price for this calculation and entry. For another year, illustrate what the journal entry would look like if you were to dispose of the equipment and sell it at a loss at the end of that year. You will need to determine a fictitious selling price for this calculation and entry. o 200% declining balance method Show the depreciation expense, accumulated depreciation, and remaining book value for each year. Pay attention to the purchase date of your equipment. This will affect the calculation for year / and the last year. Assume the use of the fractional year method. To complete your depreciation schedule, you will need to research: The total estimated useful life of the equipment, in years Any possible salvage value at the end of the equipment's useful life Using your depreciation schedule, journalize the entry to record depreciation for 5 separate years. If your equipment has an estimated useful life of, say, 10 years, then you need to journalize the entry for five of those ten years, detailing which year each entry refers to Using your depreciation schedule, pick two separate years (can be any two). o For one year, illustrate what the journal entry would look like if you were to dispose of the equipment and sell it at a gain at the end of that year. You will need to determine a fictitious selling price for this calculation and entry. For another year, illustrate what the journal entry would look like if you were to dispose of the equipment and sell it at a loss at the end of that year. You will need to determine a fictitious selling price for this calculation and entry

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting

Authors: Mark Lee Inman

2nd Edition

0434908320, 978-0434908325

More Books

Students also viewed these Accounting questions

Question

Choose two Incoterms rules and describe them.

Answered: 1 week ago