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Computing the annual depreciation allowances and the resulting book values

1. Identify which of the following expenditures is considered as a capital expenditure that must be depreciated (capitalized):

 

a)   Purchased land to build a new facility for $400,000.

b)   Installed a water dispenser in a company dining area for $3250.

c)   Purchased a spare part for a framing machine for $5,000.

d)   Purchased a patent on an energy-saving device over six years at a cost of $42,000.

e)   Purchased a fax machine for $8,000.

f)    Paid $18,000 to lease a dump truck for eight months.

g)    Painted the warehouse building, both interior and exterior, for $16,500.

h)   Repaved a parking lot for $15,000.

i)   Installed a conveyor belt system to automate some part of a production processes for $25,000.

j)   Purchased a new computer system for $5,000.

 

2. Consider the following data on an asset:

 

Cost of the asset, I:     $35,000

Useful life, N:               6 years

Salvage value, S:        $3,000

 

Compute the annual depreciation allowances and the resulting book values, using the straight-line depreciation method.

 

3. Consider the following data on an asset:

 

Cost of the asset, I:     $40,000

Useful life, N:               8 years

Salvage value, S:        $4,500

 

Compute the annual depreciation allowances and the resulting book values, using the double-declining-balance method.

 

4.  A company’s accounting record shows the following:

Truck A                         Truck B

Purchase Cost:                                 $22,500                        $45,000

Salvage Value:                                  $2,000                          $4,500

Useful Life (miles):                           150,000                         200,000

Miles Driven During Year:                 13,000                           24,000

 

Determine the amount of depreciation for each truck during the year.

 

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