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sweet-ann [11.9K]
2 years ago
14

(True) or (False)? The total amount of depreciation accumulated for an asset over its entire life will differ depending on the m

ethod of depreciation used.
Business
1 answer:
vladimir1956 [14]2 years ago
5 0

Answer:

True

Explanation:

Let us illustrate this using the below hypothetical case:

Asset acquired-motor vehicle

useful life is 3 years

salvage value $20,000

cost of the asset=$100,000

depreciation methods:

straight-line method

double-declining balance method

depreciation under straight-line method=(cost-salvage value)/useful life

depreciation under straight-line method=($100,000-$20,000)/3=$26,666.67  

accumulated depreciation for 3 years=$26,666.67  *3=$80,000

double declining balance method:

double-declining rate=100%/useful life *2=100%/3*2=67%

2 means double

year 1 depreciation=$100,000*67%=$67,000

year 2 depreciation=($100,000-$67000)*67%=$22,110  

year 3 depreciation=($100,000-$67000-$22110)*67%=$7,296  

accumulated depreciation for 3 years=$67,000+$22,110+$7,296=$96,406  

$80,000 not equal to $96,406  

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Answer:

The correct answer is option c.

Explanation:

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No entry is required on the company's books.

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2 years ago
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