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i need to know by using this info and sloving for the following questions to fill in the blanks. DEFGH STUDENT NAME ACCOUNTING 2113 (FINANCIAL
i need to know by using this info and sloving for the following questions to fill in the blanks.
DEFGH STUDENT NAME ACCOUNTING 2113 (FINANCIAL ACCOUNTING) DEPRECIATION CALCULATIONS CHERYLL'S FURNITURE COMPANY For the Year Ended December 31, 2019 Asset Acquisition The following Assets were acquired on January 1, 2019 by Cheryll's Furniture Company during the current year: A 6 7 useful 9 . 10 11 ASSET 12 Computer System 13 Manufacturing Equipment 14 Delivery Truck de Estimated Useful Life 5 Years 8 Years 3 Years TOTAL COST $95,000 500,000 45,000 Estimated Salvage Value $12,500 25,000 4,500 15 Total $640,000 17 - Estimated Useful Life In Activity as follows: 18 Computer System 100,000 Hours 20 Delivery Truck 202,500 Miles 21 21 22 REQUIRED 23 1. Calculate Depreciation Expense for the first three (3) years for each Asset Using the following Depreciation Methods: 24 (a) STRAIGHT-LINE METHOD 25 (b) DOUBLE DECLINING-BALANCE METHOD 26 (c) ACTIVITY-BASED (UNITS OF PRODUCTION) METHOD ASSETE ACTIVITY 28 Computer System Year 1 - 12,000 Hours; Year 2 - 16,000 Hours; Year 3 - 20,000 Hours Manufacturing Equipment Year 1-2,400 Hours; Year 2-3,200 Hours; Year 3 - 4,800 Hours 30 Delivery Truck Year 1-68,400 Miles: Year 2- 83,200 Miles; Year 3 - 48,800 Miles 32 2. Make the Year-End Journal Entry (Adjusting Entry) for Year 1 only for each of the three (3) Depreciation Methods (One (1) Single Journal Entry Only For Each Depreciation Method) BCDEFGHIMU Year Ended December 31, 2019 Computer System Manufaturin Delivery Truck 8 STRAIGHT-LINE ME 9 YEAR1 10 YEAR 2 YEAR 3 10 16 DOUBLE DECLINING-BALANCE METHOD YEART YEAR 2 YEAR 3 1 19 19 20 ACTIVITY-BASED (UNITS OF PRODUCTION) METHOD 21 YEAR1 22 YEAR 2 23 YEAR 3 Step by Step Solution
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