A company's property records revealed the following information about its plant assets: Machine No.CostSalvage ValuePurchase DateEstimated LifeDepreciation Method1$42,000$3,00010/13 yearsStraight-line286,0008,6007/015 yearsDouble-declining balanceCalculate the depreciation expense for each machine in Year 1 and Year 2 for the year ended December 31.Machine 1:Year 1________Year 2 ________Machine 2:Year 1 ________Year 2 ________
What will be an ideal response?
Machine 1:
Year 1: [($42,000 - $3,000)/3] * 3/12 = $3,250
Year 2: ($42,000 - $3,000)/3 = $13,000
Machine 2:
Year 1: $86,000 x 40% * 6/12 = $17,200
Year 2: ($86,000 - $17,200) * 40% = $27,520
* DDB depreciation rate = 1/5 * 2 = 40%
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