Date Reducing-balance depreciation schedule 1-7-2015 30-6-2016 30-6-2017 30-6-2018 30-6-2019 30-6-2020 Asset cost $33 000 RB depreciable...

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Date Reducing-balance depreciation schedule 1-7-2015 30-6-2016 30-6-2017 30-6-2018 30-6-2019 30-6-2020 Asset cost $33 000 RB depreciable amount 0.381 0.381 0.381 Mill Creek Golf Club purchased a truck on 1 July 2015 for $33 000. Mill Creek Golf Club expected the truck to last for five years and to have a residual value of $3 000. Suppose Mill Creek Golf Club sold the truck for $23 000 on 30 June 2017, after using the truck for two full years. Assume depreciation for 2016-2017 has been recorded. i (Click the icon to view the straight-line depreciation schedule for the truck.) 0.381 0.381 i (Click the icon to view the reducing-balance depreciation schedule for th Requirements Depreciation for the year Asset carrying amount × $33 000 X 20 427 X 12 644 X X 7 827 4 845 = = = = = Depreciation Accumulated expense depreciation $12 573 7 783 4 817 2 982 1 845* $12 573 20 356 25 173 28 155 30 000 Carrying amount $33 000 20 427 12 644 7 827 4 845 3.000 * Last-year depreciation is the amount needed to reduce the asset carrying amount to the residual amount ($4 845-$3 000 = $1 845). Due to rounding, 0.381x$4 845 does not exactly equal $1 845. - X Straight-line depreciation schedule Date 1-7-2015 30-6-2016 30-6-2017 30-6-2018 30-6-2019 30-6-2020 Asset cost $33 000 Depreciation for the year Depreciable Depreciation Depreciation Accumulated amount rate expense depreciation ($33 000-$3 000) ($33 000-$3 000) ($33 000-$3 000) ($33 000-$3 000) ($33 000-$3 000) 1 12 *5*12 1 12 *5*12 1 12 *5* 12- XX = = 1 12 *5*12* 1 12 *5*12 = $6.000 6.000 6.000 6 000 6 000 $6.000 12 000 18 000 24 000 30 000 Carrying amount $33.000 27 000 21 000 15 000 9 000 3.000 Date Reducing-balance depreciation schedule 1-7-2015 30-6-2016 30-6-2017 30-6-2018 30-6-2019 30-6-2020 Asset cost $33 000 RB depreciable amount 0.381 0.381 0.381 Mill Creek Golf Club purchased a truck on 1 July 2015 for $33 000. Mill Creek Golf Club expected the truck to last for five years and to have a residual value of $3 000. Suppose Mill Creek Golf Club sold the truck for $23 000 on 30 June 2017, after using the truck for two full years. Assume depreciation for 2016-2017 has been recorded. i (Click the icon to view the straight-line depreciation schedule for the truck.) 0.381 0.381 i (Click the icon to view the reducing-balance depreciation schedule for th Requirements Depreciation for the year Asset carrying amount × $33 000 X 20 427 X 12 644 X X 7 827 4 845 = = = = = Depreciation Accumulated expense depreciation $12 573 7 783 4 817 2 982 1 845* $12 573 20 356 25 173 28 155 30 000 Carrying amount $33 000 20 427 12 644 7 827 4 845 3.000 * Last-year depreciation is the amount needed to reduce the asset carrying amount to the residual amount ($4 845-$3 000 = $1 845). Due to rounding, 0.381x$4 845 does not exactly equal $1 845. - X Straight-line depreciation schedule Date 1-7-2015 30-6-2016 30-6-2017 30-6-2018 30-6-2019 30-6-2020 Asset cost $33 000 Depreciation for the year Depreciable Depreciation Depreciation Accumulated amount rate expense depreciation ($33 000-$3 000) ($33 000-$3 000) ($33 000-$3 000) ($33 000-$3 000) ($33 000-$3 000) 1 12 *5*12 1 12 *5*12 1 12 *5* 12- XX = = 1 12 *5*12* 1 12 *5*12 = $6.000 6.000 6.000 6 000 6 000 $6.000 12 000 18 000 24 000 30 000 Carrying amount $33.000 27 000 21 000 15 000 9 000 3.000

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SOLUTION Straightline depreciation schedule Date Cost Depreciation Expense Accumulated Depreciation ... View the full answer