P 11-3 Depreciation methods [This problem is a continuation of Problem 10-3 in Chapter 10 focusing on depreciation.]
P 11-3 Depreciation methods
Chapter11: Property, Plant, and Equipment and Intangible Assets: Utilization and Impairment
P 11-3 Depreciation methods [This problem is a continuation of Problem 10-3 in Chapter 10 focusing on depreciation.]
Required:
For each asset classification, prepare a schedule showing depreciation expense for the year ended December 31, 2011, using the following depreciation methods and useful lives:
Land improvements – Straight line; 15 years. Building -150% declining balance; 20 years. Machinery and equipment – Straight line; 10 years. Automobiles – 150% declining balance; 3 years.
Depreciation is computed to the nearest month and no residual values are used.
