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%E9-20 (similar to) Question Help Golden Fried Chicken bought equipment on January 2, 2018, for $18,000. The equipment was expected to remain in service for four years and to operate for 5,000 hours. At the end of the equipment's useful life, Golden estimates that its residual value will be $3,000. The equipment operated for 500 hours the first year, 1,500 hours the second year, 2,000 hours the third year, and 1,000 hours the fourth year. Read the requirements Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Book Date Cost Cost Life Expense Depreciation Value 1-2-2018 $ 18,000 $ 18,000 12-31-2018 15,000 4 years = $ 3,750 $ 3,750 14,250 12-31-2019 15,000 4 years 3,750 7,500 10,500 12-31-2020 15,000 4 years 3,750 11,250 6,750 12-31-2021 15,000 4 years 3,750 15,000 3,000 $ Before calculating the units-of-production depreciation schedule, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. Cost Residual value Useful life in units Depreciation per unit 18,000 3,000 5,000 Prepare a depreciation schedule using the units-of-production method. Requirements - X Units-of-Production Depreciation Schedule Depreciation for the Year 1. Prepare a schedule of depreciation expense accumulated depreciation, and Asset Depreciation Number of Depreciation Accumulated book value per year for the equipment under the three depreciation methods: Date Cost Per Unit Units straight-line, units-of-production, and double-declining-balance. Show your Expense Depreciation Value computations. Note: Three depreciation schedules must be prepared. 1-2-2018 $ 18,000 $ 18,000 2. Which method tracks the wear and tear on the equipment most closely? 12-31-2018 3 500 = $ 1,500 $ 1,500 16,500 12-31-2019 3 1,500 = 4,500 6,000 12,000 Print Done 12-31-2020 3 x 2.000 = 6.000 12.000 6.000 Book Choose from any list or enter any number in the input fields and then click Check Answer. 1 part remaining Clear All Check Answer E9-20 (similar to) Question Help 0 Golden Fried Chicken bought equipment on January 2, 2018, for $18,000. The equipment was expected to remain in service for four years and to operate for 5,000 hours. At the end of the equipment's useful life, Golden estimates that its residual value will be $3,000. The equipment operated for 500 hours the first year, 1,500 hours the second year, 2,000 hours the third year, and 1,000 hours the fourth year. Read the requirements Before calculating the units-of-production depreciation schedule, calculate the depreciation expense per unit. Select the formula, then enter the amounts and calculate the depreciation expense per unit. Cost Residual value Depreciation per unit Useful life in units 5,000 ($ 18,000 3,000 ) Prepare a depreciation schedule using the units-of-production method. Book Value Units-of-Production Depreciation Schedule Depreciation for the Year Asset Depreciation Number of Depreciation Accumulated Date Cost Per Unit Units Expense Depreciation 1-2-2018 $ 18,000 12-31-2018 $ 3 x 500 = $ 1,500 $ 1,500 12-31-2019 1,500 = 4,500 6,000 12-31-2020 3 x 2,000 = 6,000 12,000 12-31-2021 3 x 1.000 = 3,000 15,000 $ 18,000 16,500 X 12,000 6,000 3,000 Prepare a depreciation schedule using the double-declining-balance (DDB) method. (Enter a "0" for any items with a zero value.) Requirements - X Book Value Double-Declining-Balance Depreciation Schedule Depreciation for the Year Asset Book DDB Depreciation Accumulated Date Cost Value Rate Expense Depreciation 1-2-2018 $ 18,000 12-31-2018 $ 18,000 x 2*(1-4) $ 9,000 $ 9,000 12-31-2019 4,500 13,500 12-31-2020 4.500 12-31-2021 $ 18,000 9.000 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. 2. Which method tracks the wear and tear on the equipment most closely? 9,000 4,500 = Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? part remaining Clear All Check