Problem: Glans Company purchased equipment on account on April 6, 2019, at an invoice price of $442,000.
On April 7, 2019, it paid $4,000 for delivery of the equipment.
A one-year, $3,000 insurance policy on the equipment was purchased on April 9, 2019.
On April 22, 2019, Glans paid $6,000 for installation and testing of the equipment.
The equipment was ready for use on May 1, 2019.
The equipment's useful life will be 4 years, with a residual value of $20,000.
It also estimates that, in terms of activity, the equipment's useful life will be 150,000 units.
Glans has an April 30 fiscal year end.
Assume that actual usage is as
|
Units
|
Year Ended April 30
|
|
22,600
|
2020
|
|
45,600
|
2021
|
|
49,700
|
2022
|
|
32,200
|
2023
|
a. Determine the cost of the equipment
b. Prepare depreciation schedules for the life of the asset under the following depreciation methods:
- Straight-line.
- Double diminishing-balance.
- Units-of-production.
If, due to any reason, you are not capable to compose your assignment paper on the topic Depreciation Schedules, then, it is advisable to take online assistance from Depreciation Schedules Homework Help, in order to excel your academic grades.
Tags: Depreciation Schedules Assignment Help, Depreciation Schedules Homework Help, Depreciation Schedules Coursework, Depreciation Schedules Solved Assignments, Straight-Line Method Assignment Help, Straight-Line Method Homework Help, Double Diminishing-Balance Assignment Help, Double Diminishing-Balance Homework Help