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Calculate amount of depreciation every year up to completion

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Reference no: EM132597107

Big Steel Company uses double-declining balance method to calculate depreciation on its fixed assets and purchased machinery for production of goods. Cost of machinery including all relevant charges was $250,000. Company expects scrape value of machinery to be $10,000 at the end of useful life. Company estimates useful life of machinery as 10 years. Required:

Question 1. Calculate amount of depreciation every year up to the completion of useful life and prepare depreciation schedule.

Question 2. Assume that by the end of useful life, company sells machinery at $12000, pass journal entry.

Question 3. Assume that by the end of useful life, company does not have any scrap value and fully depreciated by $250000, pass journal entry to dispose of machinery

Reference no: EM132597107

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