Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 6.00

Niles Construction Company

Comparison of Depreciation Methods

P8. Niles Construction Company purchased a new crane for $350,000 at the beginning of year 1. The crane has an estimated residual value of $40,000 and an estimated useful life of six years. The crane is expected to last 10,000 hours. It was used 1,800 hours in year 1; 2,000 hours in year 2; 2,500 hours in year 3; 1,500 hours in year 4; 1,200 hours

in year 5; and 1,000 hours in year 6.

 

REQUIRED

1.    Compute the annual depreciation and carrying value for the new crane for each of the six years (round to the nearest dollar where necessary) under each of the fol- lowing methods: (a) straight-line, (b) production, and (c) double-declining-balance (round percentage to two decimal places).

2.    If the crane is sold for $500,000 after year 3, what would be the amount of gain or loss under each method?

3.    aCCounting ConneCtion ▶ Do the three methods differ in their effect on the company’s profitability? Do they differ in their effect on the company’s operating cash flows? Explain.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 09:08 PM My Price 6.00

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