10. Determine the rate of depreciation, the total depreciation up to the end of the 8th year and the book value at the end of 8 years for an asset that costs P15, 000 new and has an estimated scrap value of P2, 000 at the end of 10 years by: a. Using the declining balance method. b. Using the double declining balance method.

10. Determine the rate of depreciation, the total depreciation up to the end of the 8th year and the book value at the end of 8 years for an asset that costs P15, 000 new and has an estimated scrap value of P2, 000 at the end of 10 years by: a. Using the declining balance method. b. Using the double declining balance method.

Name: 10. Determine the rate of depreciation, the total depreciation upto t
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: 10. Determine the rate of depreciation, the total depreciation upto the end of the 8th year and the book value at the end of 8years for an asset that costs P15, 000 new and has an estimatedscrap value of P2, 000 at the end of 10 years by:a. Using th

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 6MC: At the end of the expected useful life of a depreciable asset with an estimated 15% residual value,...

See similar textbooks

Similar questions

At the end of the expected useful life of a depreciable asset with an estimated 15% residual value, the accumulated depreciation would equal the original cost of the asset under which of the following depreciation methods?
Using the following formula, calculate the depreciation rate for an asset with an estimated useful life of 10 years for year 1 and 2: Years remaining is Asset's Life/SYD = Depreciation Rate and then you multiple the depreciation rate by the depreciable base to calculate the depreciation expense for that year. * SYD = n(n+1)/2 Year 1 1/10 Year 2 2/10 Year 1 10/55 Year 2 9/55 Year 1 9/55 Year 2 8/55 Year 1 1/55 Year 2 2/55
Consider the following data on an asset:Cost of the asset, I $38.000Useful life. N 6 yearsSalvage value. S $0Compute the annual depreciation allowances and the resulting book values by using the DOB method and then switching to the SL method.
A) Calculate the SYD depreciation charges for year 2 for electro-optics equipment with B = 25,000SR, S = 4000SR, and an 8-year recovery period. B) An asset has a first cost of 100,000SR with 20,000SR salvage value after 5 years: Calculate the annual depreciation and compute the book value of the asset by the end of each year using straight line depreciation.
A certain equipment has a first cost of P 12,000 and a salvage value of P 500 at the end of x years. What is the value of x if the annual depreciation is P 1,437.5 using the Straight Line Method?
Determine the rate of depreciation, the total depreciation up to the end of the 8th year and the book value at the end of 8 years for an asset that cost P15,000 new and has an estimated scrap value of P2,000 at the end of 10 years by (a) declining balance method and (b) the double declining balance method.
A depreciable asset has a cost of P120,000, estimated useful life of 8 years, and an estimated residual value of P20,000.1. What is the depreciation rate if you are using the straight line method?2. What is the depreciation rate if you are using 150% declining balance method?3. What is the depreciation rate if you are using double declining balance method?Note: For nos. 1 to 3, the rate must be rounded off to two decimal places. Ex: 10.00%, 12.30%, 15.55%4. What is the depreciation rate if you are using the declining balance method?Note: For no. 4, the rate must be rounded off to 6 decimal places. Ex: 10.123456%5. Using SYD method, what is the depreciation expense for the 1st year?6. Using SYD method, what is the carrying amount at the end of the 6th year?7. Using double declining balance method, what is the carrying amount at the end of the 3rd year? Subparts 4-5 only
A depreciable asset has a cost of P120,000, estimated useful life of 8 years, and an estimated residual value of P20,000.1. What is the depreciation rate if you are using the straight line method?2. What is the depreciation rate if you are using 150% declining balance method?3. What is the depreciation rate if you are using double declining balance method?Note: For nos. 1 to 3, the rate must be rounded off to two decimal places. Ex: 10.00%, 12.30%, 15.55%4. What is the depreciation rate if you are using the declining balance method?Note: For no. 4, the rate must be rounded off to 6 decimal places. Ex: 10.123456%5. Using SYD method, what is the depreciation expense for the 1st year?6. Using SYD method, what is the carrying amount at the end of the 6th year?7. Using double declining balance method, what is the carrying amount at the end of the 3rd year?
3. An asset initially costs P55,000.00 and a salvage value P5,000.00 after 11 years. What is the book value after eight years using straight-line depreciation method?
Consider the following data on an asset:Cost of the asset. I $ 120,000Useful life. N 5 yearsSalvage value. S $30.000Compute the annual depreciation allowances and the resulting book valtu.:s.using the following methods:(a) The straight-line depreciation method(b) TI1e declining-balance method
A property is purchased at 1M and is expected to last 10 years with a salvage value of P100,000. What is the total depreciation at the end of 8 years using double declining balance method of depreciation?
3. If the first cost of the item is P3000, its useful life is 6 years and a salvage value of P500. What the is annual rate (%) of depreciation and construct a depreciation table. Refer to the sample table below. Year Depreciation Book value