Course Content / Introduction / Chapter 12 Homework Question 2 Partially correct Mark 0.56 out of 10.00 Flag question Chapter 12 Homework Course Content / Introduction / Chapter 12 Homework Question 2 Partially correct Mark 0.56 out of 10.00 Flag question Chapter 12 Homework Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1 at a cost of $20,000 that is estimated to have a useful life of five years and a residual value Required Prepare a depreciation schedule showing annual depreciation expense, and year-end accumulated depreciation and book value over the life of the asset using the following methods. a. Straight-line method. b. Sum-of-the-years'-digits method. c. Double-declining-balance method. Preparing Depreciation Schedules Using Various Depreciation Methods Frito Inc. acquired equipment on January 1 at a cost of $20,000 that is estimated to have a useful life of five years and a residual value of $5,000. Required Prepare a depreciation schedule showing annual depreciation expense, and year-end accumulated depreciation and book value over the life of the asset using the following methods. a. Straight-line method. b. Sum-of-the-years'-digits method. c. Double-declining-balance method. Straight-Line Method Sum-of-the Years'-Digits Method Double-Declining-Balance Method Straight-Line Method Sum-of-the Years'-Digits Method Double-Declining-Balance Method a. Straight-Line Depreciation Method Depreciation for the Period End of Period Reporting Period Depreciation Expense Accumulated Depreciation Book Value Reporting Period b. Sum-of-the-Years'-Digits Depreciation Method Depreciation For the Period Depreciation Expense End of Period Accumulated Depreciation Book Value Jan. 1, Year 1 $ 0 Jan. 1 Year 1 Dec. 31 Year 1 $ 50,000 x Dec. 31, Year 1 $ 0 * $ 0 Dec. 31, Year 2 0 0 0 % 0 $ 7,500 x $ 7,500 x 42,500 x Dec. 31, Year 3 0 0 0 Dec. 31 Year 2 7,500 x 15,000 x 35,000 Dec. 31, Year 4 0 0 % 0 Dec. 31 Year 3 7,500 x 22,500 x 27,500 Dec. 31, Year 5 0 0 % 0 Dec. 31, Year 4 7,500 x 30,000 20,000 Dec. 31, Year 5 7,500 x 37,500 x 12,500 Depreciation For the Period End of Period Reporting Period Depreciation Expense Accumulated Depreciation Book Value Jan. 1, Year 1 $ 0 Dec. 31, Year 1 $ 0 $ 0 0 % Dec. 31, Year 2 0 0 0 Dec. 31, Year 3 0 0 0 Dec. 31, Year 4 0 0 0 Dec. 31, Year 5 0 0 0