Question: Please help with the questions below Required: Calculate depreciation expense using straight-line depreciation, double-declining balance, and sum-of-the-years digits depreciation. Ask the Question: How does depreciation
Please help with the questions below
Required:
Calculate depreciation expense using straight-line depreciation, double-declining balance, and sum-of-the-years digits depreciation. Ask the Question: How does depreciation differ by the depreciation method chosen?
Master the Data: Pathway Gardens is a landscaping company. It has various equipment that appears on its fixed asset schedule included in the spreadsheet Lab 1-2.xlsx. We will compute the depreciation using three different methods and compare and contrast them.
| Current Year | 2022 | |||
| Year Placed in Service | Useful Life | Description | Original Cost | Salvage Value |
| 2019 | 5 | Shovel | 50 | 10 |
| 2021 | 5 | Garden fork | 50 | 10 |
| 2019 | 5 | Rake | 50 | 10 |
| 2019 | 5 | Dutch hoe | 50 | 10 |
| 2020 | 5 | Garden fork | 50 | 10 |
| 2018 | 7 | Lawn Shears | 20 | 5 |
| 2016 | 7 | Pruners | 80 | 10 |
| 2019 | 5 | Trowel | 20 | 5 |
| 2020 | 5 | Chain Saw | 650 | 50 |
| 2019 | 5 | Power Trimmer | 650 | 50 |
| 2017 | 10 | Trailer for Equipment | 2,000 | 200 |
| 2020 | 5 | Push Lawnmower 1 | 1,100 | 150 |
| 2019 | 7 | Dump Trailer | 15,000 | 3,500 |
| 2019 | 5 | Truck 1 | 35,000 | 3,000 |
| 2021 | 5 | Truck 2 | 35,000 | 3,000 |
| 2020 | 5 | Riding Lawnmover | 4,500 | 500 |
| 2020 | 5 | Push Lawnmower 2 | 500 | 100 |
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