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110 BOOKKEEPING AND ACCOUNTING
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There is one exception to the above considerations: land. This xed asset is nondepreciable; it is usually carried on the books permanently at cost.
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Three pieces of information are needed to calcu late depreciation on any asset: total cost, estimat ed useful life, and residual (or scrap) value.
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The depreciable amount of a xed asset that is, cost minus scrap value may be written off in different ways. The amount may be spread evenly over the years, as in the straight-line method, or it may be accel erated. Two accelerated methods are the double-declining balance and the sum-of-the-years -digits method. These methods provide for larger amounts of depreciation in the earlier years. Repairs, on the other hand, are generally lower in earlier years, so the total cost of depreciation and repairs should be about the same each year. The units-of-production method bases depreciation each period on the amount of output. Straight-Line (SL) The straight-line method is the simplest and most widely used deprecia tion method. Under this method, an equal portion of the cost of the asset is allocated to each period of use. The periodic charge is expressed as: Cost scrap value Useful life (in years) For example, if the cost of a machine is $17,000, its scrap value is $2,000 and its estimated useful life is 5 years, depreciation can be calcu lated as follows: = Annual Depreciation Charge
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CHAPTER 15: Property, Plant, and Equipment: Depreciation $17,000 $2,000
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The entry to record the depreciation would be: Depreciation Expense, Machinery 3,000 Accumulated Depreciation, Machinery 3,000 = $3,000 per year
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In order to have suf cient documentation for an asset s depreciation, a schedule should be prepared showing the asset s cost, depreciation ex pense, accumulated depreciation, and most important of all, its book val ue. Book value is the balance of an asset s cost less its accumulated de preciation to date. Book value should not be confused with market value. The book value is the difference between cost and accumulated depreciation. Market value is what the asset can actually be sold for on a given date. As an asset is used, accumulated depreciation increases and book value decreases. In the nal year of the assets useful life, book value is the same as scrap value. At this point, the asset is said to be fully depre ciated. If an asset is held for more than half a month, that month is counted. If it is held for less than 15 days in a month, that month is not counted. An asset bought on or before the 15th of the month is considered to be in use and therefore can be depreciated for the entire month. If it is bought on or after the 16th, it cannot be depreciated for that month and depreci ation will begin in the next month. Units of Production (UOP) Units of production depreciation is based on an asset s usage. This can be expressed in: 1. Units produced 2. Hours consumed 3. Mileage driven This method is used when an asset s usage varies from year to year. Units Produced. Under the rst variation of the UOP method, a xed amount of depreciation is allocated to each unit of output produced by the
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112 BOOKKEEPING AND ACCOUNTING
machine. The per-unit depreciation expense is multiplied by the number of units produced in each accounting period. This depreciation method accurately re ects the depreciation expense for the asset because it is based on the number of units produced in each period. Depreciation per unit is computed in two steps: Cost of asset scrap value 1. = Depreciation per unit Total estimated units of output 2. Units produced unit depreciation = Annual depreciation expense For example, if the cost of a machine is $17,000, its scrap value is $2,000 and its total estimated units produced during its lifetime is 300,000, then the depreciation is calculated as follows (assuming the fol lowing facts): First year production Second year production 25,000 units 30,000 units $17,000 $2,000 300,000 Year 1: Year 2: 25,000 units $.05 = $1,250 30,000 units $.05 = $1,500 = $.05 depreciation per unit
Hours Used. In the second variation of UOP, a xed amount of depreci ation is allocated, based on the number of hours the machine is used. For example, the depreciation for the following machines in the rst year using the straight-line method and the UOP hours of usage method is: Machine A $22,000 $ 2,000 5 years (18,000 hours) Machine B $22,000 $ 2,000 5 years (18,000 hours)
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