Reference no: EM13841142
Question 1: The Steel You Blind Company hires a bookkeeper who says that intangible assets can only be amortized over their legal lives. Is she right or wrong and why?
Question 2:
We Move Ya moving company purchased a new cross country moving truck and trailer on July 1, 2015. The cost of the new equipment was $150,000. The truck and trailer is expected to have a 5 year useful life and a salvage value of $12,000. The truck is a diesel and is expected to have a useful life of 10,000 hours.
Computer the depreciation expense under the following scenarios:
(a) Straight line for 2015.
(b) Units of Activity for 2015 assuming 1,700 hours of on-road use.
(c) Double declining balance using twice the straight line rate for 2015 and 2016.
Question 3:
(a) Straight-line method: = $27,600 per year.
2014 depreciation = $27,600 X 6/12 = $13,800.
(b) Units-of-activity method: = $13.80 per hour.
2015 depreciation = 1,700 hours X $13.80 = $23,460.
(c) Declining-balance method:
2015 depreciation = $150,000 X 40% X 6/12 = $30,000.
Book value January 1, 2015 = $150,000 - $30,000 = $120,000.
2016 depreciation = $120,000 X 40% = $48,000.
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