Question: Please help me with the question below. Current Year 2022 Original Year Placed in Service Useful Life Description Cost Salvage Value 2019 5 Shovel 50

Please help me with the question below.

Current Year 2022
Original
Year Placed in Service Useful Life Description Cost Salvage Value
2019 5 Shovel 50 10
2021 5 Garden fork 50 10
2019 5 Rake 50 10
2019 5 Dutch hoe 50 10
2020 5 Garden fork 50 10
2018 7 Lawn Shears 20 5
2016 7 Pruners 80 10
2019 5 Trowel 20 5
2020 5 Chain Saw 650 50
2019 5 Power Trimmer 650 50
2017 10 Trailer for Equipment 2,000 200
2020 5 Push Lawnmower 1 1,100 150
2019 7 Dump Trailer 15,000 3,500
2019 5 Truck 1 35,000 3,000
2021 5 Truck 2 35,000 3,000
2020 5 Riding Lawnmover 4,500 500
2020 5 Push Lawnmower 2 500 100

1. Which truck had higher straight-line depreciation expense than double-declining balance depreciation expense in 2022?

a) Truck 1 b) Truck 2 c) Dump Trailer

2- Which method calculated the most depreciation expense for the Trailer for Equipment in 2022? a) Sum-of-the-Years Digits b)Double Declining Depreciation c) Straight-Line Depreciation

3-Overall, for 2022, which depreciation method had the least depreciation expense? a) Straight-Line Depreciation b) Sum-of-the-Years Digits c) Double Declining Depreciation 4- The lab presumes the depreciation expense for the year 2022. If we replace 2023 for 2022 in cell B1, we can compute the depreciation expense for the year 2023. What is the straight-line depreciation for 2023 assuming no assets are added or disposed during the year?

a) 15,988 b) 14,168 c) 15,917 d) 23,166

The lab presumes the depreciation expense for the year 2022. If we replace 2023 for 2022 in cell B1, we can compute the depreciation expense for the year 2023. What is the double declining balance depreciation for 2023 assuming no assets are added or disposed during the year? a) 14,168 b) 15,988 c) 15,917 d) 23,166

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