Competency 302.3.4: Depreciation – The student can use various methods of depreciation.
Objectives:
302.3.4-01: Justify when to use a specific depreciation method.
302.3.4-02: Calculate depreciation expense using the straight line method.
302.3.4-03: Calculate depreciation expense using the declining balance method.
302.3.4-04: Calculate depreciation expense using the units of output method.
302.3.4-05: Calculate depreciation expense using the sum-of-the-years’-digits method
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Given:
Fan Company A has its assets, land, building, and equipment on its books.
Task:
A. Using the information provided in the Excel spreadsheet “Financial Records for Depreciation” attached below, calculate the depreciation for Fan Company A’s building using the straight line method.
B. Using the information provided on the Excel spreadsheet “Financial Records for Depreciation” attached below, calculate the depreciation for Fan Company A’s equipment using the following methods:
1. Double declining balance
2. Units of output
3. Sum-of-the-years’-digits
Note: For definitions of terms commonly used in the rubric, see the attached Rubric Terms.
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