Question
Partial-Year Depreciation Equipment acquired at a cost of $97,000 has an estimated residual value of $6,000 and an estimated useful life of 10 years. It
Partial-Year Depreciation
Equipment acquired at a cost of $97,000 has an estimated residual value of $6,000 and an estimated useful life of 10 years. It was placed into service on October 1 of the current fiscal year, which ends on December 31.
If necessary, round your answers to the nearest cent.
a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method.
| Depreciation | |
| Year 1 | |
| Year 2 |
b. Determine the depreciation for the current fiscal year and the following fiscal year by the double-declining-balance method.
| Depreciation | |
| Year 1 | |
| Year 2 |
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
