53) On January 1, 2012, a company buys equipment for $10,000. It has estimated residual value of $1,000, and an estimated life of 5 years. Assume the company uses double-declining-balance depreciation. Please complete the depreciation schedule below. Depreciation for the Year Date Asset Cost Depreciable Cost Depreciation Rate Depreciation Expense Accumulated Depreciation Book Value 1-1- 2012 31- 2012 31- 2013 31- 2014 31- 2015 31- 2016 54) Pallmall Company has a truck which was purchased in prior years for $60,000. At the end of 2013, there is $30,000 of accumulated depreciation. The value of the truck has been impaired, and its remaining value is now estimated at $18,000. Please provide the journal entry needed to record the asset impairment.

53) On January 1, 2012, a company buys equipment for $10,000. It has estimated residual value of $1,000, and an estimated life of 5 years. Assume the company uses double-declining-balance...

53) On January 1, 2012, a company buys equipment for $10,000. It has estimated residual value of $1,000, and an estimated life of 5 years. Assume the company uses double-declining-balance depreciation. Please complete the depreciation schedule below.

		Depreciation for the Year
Date	Asset Cost	Depreciable Cost	Depreciation Rate	Depreciation Expense	Accumulated Depreciation	Book Value
1-1- 2012
31- 2012
31- 2013
31- 2014
31- 2015
31- 2016

54) Pallmall Company has a truck which was purchased in prior years for $60,000. At the end of 2013, there is $30,000 of accumulated depreciation. The value of the truck has been impaired, and its remaining value is now estimated at $18,000. Please provide the journal entry needed to record the asset impairment.

May 15, 2022

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53) On January 1, 2012, a company buys equipment for $10,000. It has estimated residual value of $1,000, and an estimated life of 5 years. Assume the company uses double-declining-balance...

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