Chapter 17 Problem 17-11
2003
Jan. 1 Machinery 900,000
Cash 900,000
Dec. 31 Depreciation (20% x 900,000) 180,000
Accumulated depreciation 180,000
2004
Dec. 31 Depreciation 180,000
Accumulated depreciation 180,000
2005
Dec. 31 Depreciation 180,000
Accumulated depreciation 180,000
2006
Dec. 31 Depreciation 180,000
Accumulated depreciation 180,000
Cash 10,000
Accumulated depreciation 170,000
Machinery (4 x 45,000) 180,000
2007
Dec. 31 Depreciation (720,000 x 20%) 144,000
Accumulated depreciation 144,000
Cash 15,000
Accumulated depreciation 615,000
Machinery (14 x 45,000) 630,000
2008
Dec. 31 Depreciation 9,000
Accumulated depreciation 9,000
Remaining cost 90,000
Less: Balance of accumulated depreciation 79,000
Book value 11,000
Less: Salvage proceeds 2,000
Maximum depreciation 9,000
Cash 2,000
Accumulated depreciation 88,000
Machinery (4 x 45,000) 90,000
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