Question

cost of fixtures and fittings $1,200,000 Accumulated dep $240,000 The fixtures and Fittings are being depreciated...

cost of fixtures and fittings $1,200,000
Accumulated dep $240,000
The fixtures and Fittings are being depreciated over ten (10)years on double declining method of depreciation, down to a residue of $128,894

what's the answer and can u show workings please as to how u arrived at that answer

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Years Depreciation Accumulated Depreciation Book Value
0 $1200000
1

($1200000*20%)

=$240000

 $240000 $960000
2

($960000*20%)

=$192000

 $432000 $768000
3

($768000*20%)

=$153600

 $585600 $614400
4

($614400*20%)

=$122880

 708480 491520
5

($491520*20%)

=$98304

 806784 393216
6

($393216*20%)

=$78643

 $885427 $314573
7

($314573*20%)

=$62915

 $948342 $251658
8

($251658*20%)

=$50332

 $998673 $201327
9

($201327*20%)

=$40265

 $1038939 $161061
10

($161061*20%)

=$32212

 $1071151 $128849

DDB Depreciation rate = (1/years)*2

(1/10 years) * 2 = 20%

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The new piece of equipment will have a cost of $1,200,000, and it will be depreciated...
The new piece of equipment will have a cost of $1,200,000, and it will be depreciated on a straight-line basis over a period of five years (years 1–5). • The old machine is also being depreciated on a straight-line basis. It has a book value of $200,000 (at year 0) and three more years of depreciation left ($50,000 per year). • The new equipment will have a salvage value of $0 at the end of the project's life (year 5)....
On January ?2, 2017?, Again Clothing Consignments purchased showroom fixtures for $ 14 comma 000 ?cash,...
On January ?2, 2017?, Again Clothing Consignments purchased showroom fixtures for $ 14 comma 000 ?cash, expecting the fixtures to remain in service for five years. Again has depreciated the fixtures on a? double-declining-balance basis, with zero residual value. On September 30 comma 2018?, Again sold the fixtures for $ 7 comma 300 cash. Record both depreciation expense for 2018 and sale of the fixtures on September 30?, 2018. ?(Record debits? first, then credits. Select the explanation on the last...
Tidy Limited purchased a new van on January 1, 2018. The van cost $50,000. It has...
Tidy Limited purchased a new van on January 1, 2018. The van cost $50,000. It has an estimated life of ten years and the estimated residual value is $5,500. Tidy uses the double-declining-balance method to compute depreciation. What is the adjusted balance in the Accumulated Depreciation account at the end of 2019?
[11] A piece of equipment was acquired for a cost of $400,000. It had an estimated...
[11] A piece of equipment was acquired for a cost of $400,000. It had an estimated useful life of 5 years. The estimated salvage value is $40,000. The company controller uses a double declining balance method of accelerated depreciation. The piece of equipment was purchased on Oct. 1, 2014. The company is generating projections for the next few years and has asked you to show him what depreciation expense, accumulated depreciation, and book value of this piece of equipment will...
Tidy Limited purchased a new van on January 1, 2018. The van cost $28,000. It has...
Tidy Limited purchased a new van on January 1, 2018. The van cost $28,000. It has an estimated life of ten years and the estimated residual value is $3,000. Tidy uses the double-declining-balance method to compute depreciation. What is the adjusted balance in the Accumulated Depreciation account at the end of 2019? $8,960. $1,120 $10,080. $2,800
On January 3, 2013, Hippo Corp. purchased a machine for $600,000. The machine was being depreciated...
On January 3, 2013, Hippo Corp. purchased a machine for $600,000. The machine was being depreciated using the straight-line method over an estimated useful life of ten years, with no residual value. At the beginning of 2020, the company paid $150,000 to overhaul the machine. As a result of this improvement, the company estimated that the useful life of the machine would be extended an additional five years (15 years total). The depreciation expense for 2020 should be a. $41,250....
The ABC Co. purchased a piece of equipment for its factory for the price of $990,000....
The ABC Co. purchased a piece of equipment for its factory for the price of $990,000. The Company paid an additional $7,000 in transportation expenses to transport the equipment to its factory and an additional $28,000 to install the equipment in its assembly line. The equipment was estimated to have a useful life of 5 years and a salvage value at the end of the 5 years of $90,000. REQUIRED: Complete the depreciation tables below to show the the annual...
On January 1, 2016, Nobel Corporation acquired machinery at a cost of $1,600,000. Nobel adopted the...
On January 1, 2016, Nobel Corporation acquired machinery at a cost of $1,600,000. Nobel adopted the straight-line method of depreciation for this machine and had been recording depreciation over an estimated life of ten years, with no residual value. At the beginning of 2019, a decision was made to change to the double-declining balance method of depreciation for this machine. 8.   .     The amount that Nobel should record as depreciation expense for 2019 is $??                         EXACT AMOUNT – DON’T...
PLEASE SHOW ALL WORK AND EXPLAIN PLEASE A machine that cost $96,000 on January 1, 2015...
PLEASE SHOW ALL WORK AND EXPLAIN PLEASE A machine that cost $96,000 on January 1, 2015 was depreciated by Ava Company using the double declining method. The machine had a $8,600 residual value and a useful life of 5 Years. On January 1. 2017, the company switched to the straight line method. What is the book value of the machine as of January 1, 2017?________
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2018: Cost Accumulated...
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2018: Cost Accumulated Depreciation Book Value   Land $ 78,000       ?     $ 78,000        Building 443,000       $(84,170 ) 358,830        Equipment 198,400       (46,600 ) 151,800        Patent 165,000       (66,000 ) 99,000      Solich purchased all the assets at the beginning of 2016 (3 years ago). The building is depreciated over a 20-year service life using the double-declining-balance method and estimating no residual value....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT