80.2K

Verified Solution

Link Copied!

Bramble Corporation purchased machinery on January 1, 2022, at a cost of $256,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,600. The company is considering different depreciation methods that could be used for financial reporting purposes.

(a)

Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate.

STRAIGHT-LINE DEPRECIATION
		Computation							End of Year
Years		Depreciable Cost	x	Depreciation Rate		=	Annual Depreciation Expense		Accumulated Depreciation		Book Value
2022		$enter a dollar amount		enter a Depreciation Rate in percentages	%		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
2023		enter a dollar amount		enter a Depreciation Rate in percentages	%		enter a dollar amount		enter a dollar amount		enter a dollar amount
2024		enter a dollar amount		enter a Depreciation Rate in percentages	%		enter a dollar amount		enter a dollar amount		enter a dollar amount
2025		enter a dollar amount		enter a Depreciation Rate in percentages	%		enter a dollar amount		enter a dollar amount		enter a dollar amount
							$enter a total for the Annual Depreciation Expense column in dollars

Answer & Explanation Solved by verified expert

See Answer