On January 2, Year 1, Jones Corporation purchased a truck for $39,000. The truck has a 5-year estimated life and a $4,000 estimated salvage value. Jones expects to drive the truck 100,000 miles during its useful life.
On January 2, Year 1, Jones Corporation purchased a truck for $39,000. The truck has a 5-year estimated life and a $4,000 estimated salvage value. Jones expects to drive the truck 100,000 miles during its useful life. Prepare the depreciation schedule for Year 1 through Year 5 using each of the following depreciation methods; Straight-line method, 200 declining balance method, and Sum-of-years-digits method. You have to construct the depreciation schedules to answer this question. Make sure that all of your calculations should be done on the excel formula bar to show how you obtained your answers.
| * You may use the templates given below to answer the questions. Or, you may answer using our own templates. | ||||
| 1. S-Lmethod | ||||
| Depreciation Basis | Depreciation Exp. | |||
| Year 1 | ||||
| Year 2 | ||||
| Year 3 | ||||
| Year 4 | ||||
| Year 5 | ||||
| Total | ||||
| 2. 200 declining balance method | ||||
| Straight Line Rate (S-L Rate) | ||||
| Declining Balance Rate (DB Rate) | ||||
| Beg NBV | DB-rate | Depreciation Exp. | End NBV | |
| Year 1 | ||||
| Year 2 | ||||
| Year 3 | ||||
| Year 4 | ||||
| Year 5 | ||||
| 3. Sum-of-years-digits method | ||||
| Depreciation Basis | Years to the end of Year 5 | Depreciation Expenses | ||
| Sum-of-Years-Digits | ||||
| Year 1 | ||||
| Year 2 | ||||
| Year 3 | ||||
| Year 4 |
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