Calculate the annual depreciation expense and end of year, Accounting Basics

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Calculate the annual depreciation expense and end of year

Problem

On January 1st, 2013 Dryden Inc. purchased $800,000 of equipment. The equipment has an expected life of 15 years and a residual value of $50,000.

1. Calculate the annual depreciation expense and end of year book value for the first 3 years using the following methods:

a. Straight-line
b. Double-declining-balance

2. Recalculate your answers from part 1 assuming there was no residual value.

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Accounting Basics: Calculate the annual depreciation expense and end of year

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Accounting Basics: Calculate the annual depreciation expense and end of year

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