On January 1, 2020, Yoyo acquired a computer system at a cost of $160,000. Estimated useful...
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On January 1, 2020, Yoyo acquired a computer system at a cost of $160,000. Estimated useful life is four years, with residual value of $8,000. " Instructions A) Prepare a complete depreciation schedule by using straight-line depreciation method for the computer system B) Prepare a complete depreciation schedule by using double declining balance (200% declining) depreciation method for the computer system. C) Assume Yoyo sold the computer system for $48,000 at the year-end of 2021 after the adjustment made; calculate the gain or loss on both methods on disposal of the computer system D) Prepare the journal entries for selling the computer system at year-end for both methods. On January 1, 2020, Yoyo acquired a computer system at a cost of $160,000. Estimated useful life is four years, with residual value of $8,000. " Instructions A) Prepare a complete depreciation schedule by using straight-line depreciation method for the computer system B) Prepare a complete depreciation schedule by using double declining balance (200% declining) depreciation method for the computer system. C) Assume Yoyo sold the computer system for $48,000 at the year-end of 2021 after the adjustment made; calculate the gain or loss on both methods on disposal of the computer system D) Prepare the journal entries for selling the computer system at year-end for both methods.
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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