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LiveReel Media purchased for $588,000 machinery having an estimated useful life of 10 years with an estimated

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LiveReel Media purchased for $588,000 machinery having an estimated useful life of 10 years with an estimated residual value of $56,000. The company?s year-end is December 31. Depreciation is calculated using the half-year rule.

Required

Complete the following schedules:

1. Assuming the purchase was made on January 1, 2020

2. Assuming the purchase was made on April 1, 2020

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2020 2021 2022 A. Double-declining-balance method Machinery. Less: Accumulated depreciation. Year-end book value. Depreciation expense for the year. B. Straight-line method Machinery. Less: Accumulated depreciation.. Year-end book value. Depreciation expense for the year. I || |||

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Part 1 Purchase made on January 1 2020 2020 2021 2022 A Doubledeclining balance method Machinery 588...View the full answer


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In accounting terms, depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible. An example of fixed assets are buildings, furniture, office equipment, machinery, etc. The land is the only exception that cannot be depreciated as the value of land appreciates with time. Depreciation allows a portion of the cost of a fixed asset to be the revenue generated by the fixed asset. This is mandatory under the matching principle as revenues are recorded with their associated expenses in the accounting period when the asset is in use. This helps in getting a complete picture of the revenue

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