Depreciation expense declining-balance depreciation method, Accounting Basics

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Depreciation expense declining-balance depreciation method

Q1) Millco Inc obtained a machine which cost 240,000 early in 2009. Machine is expected to last for 8 yrs, and its evaluated salvage value at the end of its life is 24,000.
a) Using straight line depreciation, compute depreciation expense to be recognized in the 1^st yr of machine's life and compute accumulated depreciation after the 5^th yr of machine's life.

b) Using declining-balance depreciation at twice straight-line rate, compute depreciation expense for the 3^rd year of machine's life.

c) What will be net book value of machine at the end of its 8^th yr of use before it is disposed of, under each depreciation method?

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Accounting Basics: Depreciation expense declining-balance depreciation method

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Accounting Basics: Depreciation expense declining-balance depreciation method

Reference No:- TGS017903

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