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Len [333]
2 years ago
9

Pronghorn Corporation purchased machinery on January 1, 2022, at a cost of $276,000. The estimated useful life of the machinery

is 4 years, with an estimated salvage value at the end of that period of $32,600. The company is considering different depreciation methods that could be used for financial reporting purposes.
Required:
Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate.
Business
1 answer:
vfiekz [6]2 years ago
3 0

Answer and Explanation:

The depreciation schedule is as follows:

<u>For straight-line method</u>

<u>Year    Depreciable       Depreciation   Depreciation Accumul    Book value</u>

<u>                  cost                    rate             Expense         Depre</u>

2022       $243,400             25%            $60,850       $60,850      $215,150

    ($276,000 - $32,600) (1 ÷ 4)                                       ($276,000 - $60,850)

2023      $243,400             25%            $60,850       $121,700      $154,300

2024      $243,400             25%            $60,850       $182,550      $93,450

2025     $243,400              25%            $60,850       $243,400     $32,600

                                                                $243,400

<u>For double declining method</u>

<u>Year    Depreciable       Depreciation   Depreciation Accumul    Book value</u>

<u>                  cost                    rate             Expense         Depre</u>

2022       $276,000       50%            $138,000         $138,000       $138,000

                                   (1 ÷ 4 × 2)                                    

2022       $138,000       50%            $69,000            $207,000      $69,000

2023       $69,000        50%            $34,500            $241,500        $34,500

2024       $34,500                            $1,900               $243,400       $32,600

                                                         $243,400

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