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An equipment was bought at a price of $1,800,000 with a salvage value of $400,000 at the end of its life of five years.The depreciation was calculated using the diminishing balance method.
Required. Problem 1: Determine the annual rate of depreciation. Problem 2: Calculate depreciation, accumulated depreciation, and the book value for the 5 years.
Problem 3: Assume that at the end of the third year the equipment was sold at the price of $750,000. Show in the general journal the record of sale and an entry recognizing the expense of the machine sold.
Problem 4: Explain whether there is a gain or loss of the machine sold.
Problem 5: Show how the equipment is recorded in the balance sheet at the end of the year.
Problem 6: Assume that the depreciation is calculated using the sum of years digit method, Calculate the carrying amount for year two.
Financial Statement Analysis and Preparation
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