Lambert Company acquired machinery costing $110,000 on January 2, 2019. At that time, Lambert estimated that the useful life of the equipment was 6 years and that the residual value would be $15,000 at the end of its useful life. Compute depreciation expense for this asset for 2019, 2020, and 2021 using the:

Compute depreciation expense for this asset for 2016, 2017, and 2018 using the a. Straight-line method b. Double-declining balance method C. Assume that on January 2, 2018, Lambert revised its estimate of the useful life to 7 years and changed its estimate of the residual value to $ 10,000. What effect would this have on depreciation expense in 2018 for each of the above depreciation methods?

The answer is below

Explanation:

(a) Under straight-line method,

We have depreciation expense to be (cost - residual value) ÷ No of years =

=>  ($110,000 - $15,000) ÷ 6 years = $15,833 yearly depreciation expense.

Hence, the year depreciation expense of $15,833 is applicable to all the Years 2016, 2017 and 2018.

Therefore, sum of depreciation for all the three years is calculated as

=> $15,833 * 3 years = $47,499.

(b) Under the double-declining method

We have = 2 * SLDP * BV

Where SLDP = Straight - Line Depreciation Percentage

BV = Book value

Hence, SLDP is 100% ÷ 6 years = 16.67%,

Thus, 16.67% * 2 => 33.33%

Therefore, Year 2016, 33.33% * $110,000 = $36,663

For Year 2017, 33.33% * $73,337 ($110,000 - $36,663) = $24,443

For Year 2018, 33.33% * $48,894 ($73,337 - $24,443) = $16,296

Adding all the three Years together =>  2016 to 2018, => $77,402

(c) Given that after 2 years, the revised estimated useful life becomes 7 years and the residual value is $10,000, depreciation would be calculated as follows:

Under the straight-line method,

NBV = Net Book Value, at the end of 2017 is: $110,000 - $15,833 * 2 years = $78,334

Depreciation expense is therefore: ($78,334 - $10,000) ÷ 7 years = $9,762 (decrease in 2018 yearly depreciation charge)

Also,

Under the double-declining method,

SLDP is 100% ÷ 7 years = 14.29%, * 2 => 28.57%.

For Year 2018,

28.57% * $48,894 ($73,337 - $24,443) = $13,969 (decrease in 2018 yearly depreciation charge)

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