Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Two charts below need help on them both: Mediocre Corporation purchased new equipment with a cost of $450,000. The salvage value of the equipment was

Two charts below need help on them both: image text in transcribed

Mediocre Corporation purchased new equipment with a cost of $450,000. The salvage value of the equipment was estimated to be $10,000. The useful life of the equipment is estimated to be 5 years. Fill in the depreciation schedule below using the double-declining balance method of depreciation Year Cost Book Value, Begin. Deprec. Expense Accum. Deprec. Book Value, Ending - depr exp. =Cost-A/D AD 11 450,000 Select Select Select 1 Select 12 V Select 450,000 Select V Select 1 Select 3 V 450,000 Select Select Select 1 Select 14 450,000 Select Select 1 Select Select 15 450,000 Select Select) Select 110.000 Question 7 1 pts Mediocre Corporation purchased new equipment with a cost of $450,000. The salvage value of the equipment was estimated to be $10,000. The useful life of the equipment is estimated to be 5 years. In year 3, the company determines that the original useful life of the asset was wrong. The revised estimate is now 6 years of useful life. There is no change to the estimated salvage value. Fill in the following depreciation schedule (remember that the first 2 years were calculated assuming a useful life of 5 years. The remaining 4 years will be based on a useful life of 6 years) Year Cost Book Value, Begin Deprec. Expense Accum. Deprec. Book Value, Ending - depr exp. =Cost - A/D 1 1450.000 450,000 88,000 88.000 362,000 2 450,000 362,000 88,000 176,000 274,000 13 450,000 274.000 Select Select 1 Select 4 450,000 Select 1 Select Select ! V Select 1 V 5 450,000 Select 1 Select] Select] Select 16 450,000 Select Select] Select] v 10,000

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

Fair Value Measurement Practical Guidance And Implementation

Authors: Mark L. Zyla

3rd Edition

1119191238, 9781119191230

More Books

Students also viewed these Accounting questions

Question

Describe the components of identity.

Answered: 1 week ago