Question
Anhar Shbaita ACCG 70017 Financial Accounting 2: ACCG70017 Financial Accounting 2 Winter 2019 SRodgers Module 1...
Anhar Shbaita
ACCG 70017 Financial Accounting 2: ACCG70017 Financial Accounting 2 Winter 2019 SRodgers
|
Module 1 Assignment |
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4.
value:
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At December 31, 2017, Halifax Servicing's balance sheet showed
capital asset information as detailed in the schedule below.
Halifax calculates depreciation to the nearest whole month.
Required:
Complete the schedule. (Do not round intermediate
calculations. Round the final answers to the nearest whole
dollars.)
1 There have been no disposals or subsequent capital
expenditures since the date of purchase.
2 Actual kilometres driven were: 2017, 14,000; 2018,
68,000.
|
description |
Date of purchase |
Method |
cost |
residual |
Life |
Balance of Accum. Deprec. Dec 31 2017 |
Depreciation Expense for 2018 |
Deprec Dec. 31, 2018 |
|
Office Equip |
March 27/14 |
Straight-line |
$84,000 |
$14,000 |
10 yr. |
|||
|
Machinery |
June 4/14 |
Double-declining-balance |
315,000 |
34,000 |
6yr |
|||
|
Truck |
Nov. 13/17 |
Units-of-production |
174,000 |
28,000 |
400,000 sq. |
Homework Answers
Answer #1
office equipment
straight line
balance of accumulated depreciation Dec 31 , 2017 = $28,000
depreciation expenses for 2018 = $7000
depreciation Dec 31,2018 = $ 35,000
MACHINE
DOUBLE DECLINING BALANCE METHOD
balance of accumulated depreciation Dec 31 2017 = $ 252,803
depreciation expenses for 2018 = $ 20,736
depreciation Dec 31 2018 = $ 273,539
TRUCK
UNITS OF PRODUCTION METHOD
balance of accumulated depreciation Dec 31,2017 = $ 5110
depreciation expenses for 2018 = $ 24,820
depreciation Dec 31,2018 =$ 29,930
all explanation is given below are
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