Answers
| Excel Company | |||||||||
| 1 | Straight line method | ||||||||
| Annual depreciation | (Cost-Residual Value)/Years | ||||||||
| =(33,000-3,000)/5 | |||||||||
| 6,000 | |||||||||
| Calculation | |||||||||
| Year | Depreciation expense | Accumulated Depreciation | Book Value | Book Value | |||||
| 2012 | 6,000 | 6,000 | 27,000 | =33,000-6,000 | |||||
| 2013 | 6,000 | 12,000 | 21,000 | =33,000-12,000 | |||||
| 2014 | 6,000 | 18,000 | 15,000 | =33,000-18,000 | |||||
| 2015 | 6,000 | 24,000 | 9,000 | =33,000-24,000 | |||||
| 2016 | 6,000 | 30,000 | 3,000 | =33,000-30,000 | |||||
| Cost less Accumulated Depreciation | |||||||||
| Excel Company | |||
| Date | Account | Debit | Credit |
| Straight line method | |||
| 1-Jan-12 | Delivery Van | 33,000 | |
| Cash | 33,000 | ||
| 31-Dec-12 | Depreciation expense | 6,000 | |
| Accumulated Depreciation-Delivery Van | 6,000 | ||
| 31-Dec-13 | Depreciation expense | 6,000 | |
| Accumulated Depreciation-Delivery Van | 6,000 | ||
| 31-Dec-14 | Depreciation expense | 6,000 | |
| Accumulated Depreciation-Delivery Van | 6,000 | ||
| 31-Dec-15 | Depreciation expense | 6,000 | |
| Accumulated Depreciation-Delivery Van | 6,000 | ||
| 31-Dec-16 | Depreciation expense | 6,000 | |
| Accumulated Depreciation-Delivery Van | 6,000 | ||
| 2 | Units of production method | ||||||||
| Dep per unit | (Cost-Residual Value)/Units of Activity | ||||||||
| =(33,000-3,000)/100,000 | |||||||||
| 0.30 | |||||||||
| Year | Units | Rate | Depreciation expense | Accumulated Depreciation | Book value | Units | Depreciation expense | ||
| 2012 | 22,000 | 0.30 | 6,600 | 6,600 | 26,400 | =22,000*0.30 | |||
| 2013 | 24,000 | 0.30 | 7,200 | 13,800 | 19,200 | =24,000*0.30 | |||
| 2014 | 15,000 | 0.30 | 4,500 | 18,300 | 14,700 | =15,000*0.30 | |||
| 2015 | 20,000 | 0.30 | 6,000 | 24,300 | 8,700 | ||||
| 2016 | 19,000 | 0.30 | 5,700 | 30,000 | 3,000 | =100,000-SUM(C20:C23) | |||
| =100,000-22,000-24,000-15,000-20,000 | |||||||||
| Date | Account | Debit | Credit |
| Units of production method | |||
| 1-Jan-12 | Delivery Van | 33,000 | |
| Cash | 33,000 | ||
| 31-Dec-12 | Depreciation expense | 6,600 | |
| Accumulated Depreciation-Delivery Van | 6,600 | ||
| 31-Dec-13 | Depreciation expense | 7,200 | |
| Accumulated Depreciation-Delivery Van | 7,200 | ||
| 31-Dec-14 | Depreciation expense | 4,500 | |
| Accumulated Depreciation-Delivery Van | 4,500 | ||
| 31-Dec-15 | Depreciation expense | 6,000 | |
| Accumulated Depreciation-Delivery Van | 6,000 | ||
| 31-Dec-16 | Depreciation expense | 5,700 | |
| Accumulated Depreciation-Delivery Van | 5,700 | ||
| 3 | Double declining balance method | |||||||
| Double declining rate | 100%/Years*2 | |||||||
| =100%/5*2 | ||||||||
| 40% | ||||||||
| Year | Depreciation expense | Accumulated Depreciation | Book value | Depreciation expense | ||||
| 2012 | 13,200 | 13,200 | 19,800 | =33,000*40% | ||||
| 2013 | 7,920 | 21,120 | 11,880 | =19,800*40% | ||||
| 2014 | 4,752 | 25,872 | 7,128 | =11,880*40% | ||||
| 2015 | 2,851 | 28,723 | 4,277 | =7,128*40% | ||||
| 2016 | 1,277 | 30,000 | 3,000 | =4,277-3,000 | ||||
| Note | ||||||||
| Last year dep of 1,277 is remaining figure to keep book value at residual value of 3,000 | ||||||||
| Double declining balance method | |||
| 1-Jan-12 | Delivery Van | 33,000 | |
| Cash | 33,000 | ||
| 31-Dec-12 | Depreciation expense | 13,200 | |
| Accumulated Depreciation-Delivery Van | 13,200 | ||
| 31-Dec-13 | Depreciation expense | 7,920 | |
| Accumulated Depreciation-Delivery Van | 7,920 | ||
| 31-Dec-14 | Depreciation expense | 4,752 | |
| Accumulated Depreciation-Delivery Van | 4,752 | ||
| 31-Dec-15 | Depreciation expense | 2,851 | |
| Accumulated Depreciation-Delivery Van | 2,851 | ||
| 31-Dec-16 | Depreciation expense | 1,277 | |
| Accumulated Depreciation-Delivery Van | 1,277 | ||
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