Question

# Exercise 11-03 Oriole Company purchased a new plant asset on April 1, 2020, at a cost...

Exercise 11-03

Oriole Company purchased a new plant asset on April 1, 2020, at a cost of \$771,000. It was estimated to have a service life of 20 years and a salvage value of \$65,400. Oriole’ accounting period is the calendar year.

Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.)
 Depreciation for 2020 \$enter a dollar amount \$enter a dollar amount

Compute the depreciation for this asset for 2020 and 2021 using the double-declining-balance method. (Round answers to 0 decimal places, e.g. 45,892.)

 Depreciation for 2020 \$enter a dollar amount \$enter a dollar amount

Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.)

 Depreciation for 2020 (771000-65400)*20/210*9/12 = 50400 16800+705600*19/210*9/12 = 64680

Compute the depreciation for this asset for 2020 and 2021 using the double-declining-balance method. (Round answers to 0 decimal places, e.g. 45,892.)

 Depreciation for 2020 \$771000*10%*9/12 = 57825 19275+771000*90%*10%*9/12 = 71318

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