146.Computer equipment was acquired at the beginning of the year at a cost of $63,000 that has an estimated residualvalue of $3,000 and an estimated useful life of 5 years. Determine the (a) depreciable cost (b) double-declining-balance rate, and (c) double-declining-balance depreciation for the first year.
147.Convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percentage.
(1)2 years
(2)8 years
(3)10 years
(4)20 years
(5)25 years
(6)40 years
(7)50 years
148.Prior to adjustment at the end of the year, the balance in Trucks is $300,900 and the balance in Accumulated
Depreciation—Trucks is $88,200. Details of the subsidiary ledger are as follows:
Truck No.
|
Cost
|
Estimated Residual Value
|
Estimated Useful Life
|
Accumulated Depreciation at Beginning of Year
|
Miles Operated During Year
|
1
|
$100,000
|
$13,000
|
300,000
|
—
|
30,000
|
2
|
72,900
|
9,900
|
300,000
|
$60,000
|
25,000
|
3
|
38,000
|
3,000
|
200,000
|
8,050
|
45,000
|
4
|
90,000
|
13,000
|
200,000
|
20,150
|
40,000
|
Required:
(1)Based on the units-of-output method, determine the depreciation rates per mile and theamount to be credited to the accumulated depreciation section of each of the subsidiaryaccounts for the miles operated during the current year.
(2)Journalize the entry to record depreciation for the year.
149.An asset was purchased for $58,000 and originally estimated to have a useful life of 10 years with a residual valueof $3,000. After two years of straight-line depreciation, it was determined that the remaining useful life of the assetwas only 2 years with a residual value of $2,000.
a)Determine the amount of the annual depreciation for the first two years.
b)Determine the book value at the end of Year 2.
c)Determine the depreciation expense for each of the remaining years after revision.