Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 11 - Depreciation, Impairments, and Depletion - Review and Practice - Questions - Page 582: 8

Answer

Steps 1. Depreciation rate = 1/5*150 = 30% 2. Depreciation for 2017 = 800,000 *30% = 240,000 3. Depreciation for 2018 = 800,000 - 240,000 = 560,000 *30% = 168,000. 4. Accumulated depreciation = 240,000 + 168,000 = 408,000

Work Step by Step

As summarized above.
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