Trencher Backhoe
help accounting problem?
8.value:
9 points On April 1, 2008, Bricen Backhoe Co. purchases a trencher for $253,000. The machine is expected to last five years and have a salvage value of $25,300.
Required:
Compute depreciation expense for year 2009 assuming the company uses the double-declining-balance method. (Omit the "$" sign in your response.)
Depreciation expense for year 2009 $
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Worksheet Difficulty: Medium Learning Objective: 10-C3
The straight-line depreciation percentage is 20% (100%/5) per year, so the double-declining percentage will be 40% of the current book value per year. The double-declining method ignores salvage value; however, the book value is not allowed to drop below the salvage value.
2008 Depreciation: 253,000 x 40% x 9/12 = 75,900
2009 Depreciation:
First three months: 253,000 x 40% x 3/12 = 25,300
New book value = 253,000 - 75,900 - 25,300 = 151,800
Last nine months: 151,800 x 40% x 9/12 = 45,540
Depreciation Expense for 2009 = 25,300 + 45,540 = $70,840
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1988 Bobcat T136 trencher backhoe
