A company has the following information about its fixed assets for the year 2022: Beginning balance of
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Question:
A company has the following information about its fixed assets for the year 2022:
Beginning balance of fixed assets: $150,000
Fixed asset purchases during the year: $50,000
Fixed asset disposals during the year: $10,000
Accumulated depreciation at the beginning of the year: $50,000
Depreciation expense for the year: $20,000
a) Calculate the ending balance of fixed assets for the year 2022.
b) Calculate the depreciation rate used by the company.
c) If the company had used the double-declining balance method instead of the straight-line method, what would be the depreciation expense for the year 2022?
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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