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Determine the depreciation expense for years

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Question - Your friend is preparing for some type of business certificate. She is taking accounting & is asking you to help her answering the following independent questions:

1. A plant asset was purchased for $210,000 at the beginning of the year. The plant asset has an estimated life of 6 years and a residual value of $30,000. Determine the depreciation expense for years 1 & 2, assuming the double declining balance method is used.

2. A plant asset with a cost of $218,000, estimated life of 5 years, and residual value of $38,000, is depreciated by the straight-line method. This asset is sold for $160,000 at the end of the third year of use. Determine the amount of gain or loss to be recognized on this sale.

3. During 2016, Dubai Theatre bought projection equipment on installment basis. The contract price was $62,400, payable in 12 installments of $5,200 each. The cash price for this equipment was $60,000. Additional $1, 430 were paid for installation work. The costs of running the projection equipment during 2016 was $950. Determine the cost at which the Projection equipment will be recorded in the books of Dubai Theatre.

Reference no: EM133090646

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