Calculating and journalizing partial-year depreciation
This problem continues the Daniels Consulting situation from Problem P8-41 of Chapter 8. Assume Daniels Consulting had purchased a computer, $3,600, and office furniture, $3,000, on December 3 and 4, 2016, respectively, and that they were expected to last five years. Assume that both assets have a residual value of $0.
Requirements
1. Calculate the amount of depreciation expense for each asset for the year ended December 31, 2016, assuming the computer is depreciated using the straight-line method and the office furniture is depreciated using the double-declining-balance method.
2. Record the entry for the one month's depreciation.