Business, 27.01.2021 20:10 dareaalcaam111

Pronghorn Corporation purchased machinery on January 1, 2022, at a cost of $276,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $32,600. The company is considering different depreciation methods that could be used for financial reporting purposes. Required:
Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate.

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Answer from: ipadguy1806

Answer and Explanation:

The depreciation schedule is as follows:

For straight-line method

Year Depreciable Depreciation Depreciation Accumul Book value

cost rate Expense Depre

2022 $243,400 25% $60,850 $60,850 $215,150

($276,000 - $32,600) (1 ÷ 4) ($276,000 - $60,850)

2023 $243,400 25% $60,850 $121,700 $154,300

2024 $243,400 25% $60,850 $182,550 $93,450

2025 $243,400 25% $60,850 $243,400 $32,600

$243,400

For double declining method

Year Depreciable Depreciation Depreciation Accumul Book value

cost rate Expense Depre

2022 $276,000 50% $138,000 $138,000 $138,000

(1 ÷ 4 × 2)

2022 $138,000 50% $69,000 $207,000 $69,000

2023 $69,000 50% $34,500 $241,500 $34,500

2024 $34,500 $1,900 $243,400 $32,600

$243,400

Answer from: Quest

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Answer from: Quest

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Pronghorn Corporation purchased machinery on January 1, 2022, at a cost of $276,000. The estimated u...

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