Daniels Consulting had purchased a computer, S3,600, and office furniture, S3,000, on December 1, 2017,...
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Daniels Consulting had purchased a computer, S3,600, and office furniture, S3,000, on December 1, 2017, and that they were expected to last five years. Assume that both assets have a residual value of SO. straigh Calculate the amount of depreciation expense for each asset, assuming the computer is depreciated using the straight line method and the office furniture is depreciated using the double-declining balance method. Calculate the depreciation expense for the 2017 year (Note that the assets are used only for a month in 2017). r the 2017 year (tste double-dedlining bald Depreciation on computer Cost-Residual value Usefullife x fraction of a year Depreciation on office furniture Double-declining-balance(Cost - Accumulated depreciation) x2x(1 /Useful life x fraction of a year depreciation 2. Record the entry for the purchase of these assets and the related depreciation, Copy these JE's to the Journal, and Date Dec. 1 Accounts and Explanation Debit Credit Dec. 1 Dec. 31 To record depreciation on computer To record depreciation on office furniture
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