Jared Industries Ltd., a public company, presents you with the following information: Instructions a. Complete the table
Question:
Jared Industries Ltd., a public company, presents you with the following information:
Instructions
a. Complete the table for the year ended December 31, 2024. The company depreciates all assets for a half year in the year of acquisition and the year of disposal. Round all amounts to the nearest dollar.
b. What criteria would you consider in determining whether to select the straight-line or doubledeclining- balance method?
Accumulated Residual Life in Depreciation Depreciation Depreciation for 2024 (2) (4) (6) Date Description Purchased Machine A Dec. 2, 2022 Value Years to Dec. 31, 2023 Cost Method 10 $142,500 $16,000 21,000 $39,900 (1) Aug. 15, 2021 Machine C July 21, 2020 B 5 23,500 Straight-line Double- (3) (5) 75,400 declining- balance
Step by Step Answer:
a Methods of Depreciation Description DatePurcha sed Cost Residual Life Method Accum Depr to 2023 2024Depr A 120222 142500 16000 10 DDB 39900 20520 B ...View the full answer
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Related Video
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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