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Question - On January 3, 2014, Jim's Excavating Company purchased a bulldozer for $160,000. In addition to the basic purchase price, the company paid sales tax of $8,000 and freight charges of $9,000. The bulldozer will be used for 36,000 machine hours. Jim estimates that the bulldozer will have a useful life of 5 years and no residual value.
Required:
I. Compute the cost of the asset.
II. Compute the depreciation expense for 2014 and 2015 using the:
i. straight-line method
ii. units-of-production method assuming the bulldozer was used 5,000 machine hours in 2014 and 20,000 machine hours in 2015.
iii. double declining balance method
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