Mоntаnа Mike tооk out а loan for $225,000 on April 1, 2020 and applied it toward the purchase of a used articulated truck that he purchased for $315,000 to use in mining operations. The interest rate on the loan was 6.8% per year. The loan was amortized such that it would be repaid in five equal payments that are due on April 1 of each year beginning in 2021 with annual payments of $54,582. When Mike acquired the asset, he expected to use the truck for six years and that he would be able to sell it for $120,000 at the end of the six years. He chose to use the double declining balance method of depreciation, prorating the first year of depreciation according to the half-year convention. Develop and present a depreciation schedule for the life of the asset. Indicate what numeric values (if any) associated with this depreciation schedule will appear on the 2021 cash basis income statement and the January 1, 2021 cost basis balance sheet, indicating where these values would appear on each and how they would be labeled. (SHOW YOUR WORK) [Note, the Table tool may make it easier to display your work.]
Mоntаnа Mike tооk out а loan for $225,000 on April 1, 2020 and applied it toward the purchase of a used articulated truck that he purchased for $315,000 to use in mining operations. The interest rate on the loan was 6.8% per year. The loan was amortized such that it would be repaid in five equal payments that are due on April 1 of each year beginning in 2021 with annual payments of $54,582. When Mike acquired the asset, he expected to use the truck for six years and that he would be able to sell it for $120,000 at the end of the six years. He chose to use the double declining balance method of depreciation, prorating the first year of depreciation according to the half-year convention. Develop and present a depreciation schedule for the life of the asset. Indicate what numeric values (if any) associated with this depreciation schedule will appear on the 2021 cash basis income statement and the January 1, 2021 cost basis balance sheet, indicating where these values would appear on each and how they would be labeled. (SHOW YOUR WORK) [Note, the Table tool may make it easier to display your work.]
Mоntаnа Mike tооk out а loan for $225,000 on April 1, 2020 and applied it toward the purchase of a used articulated truck that he purchased for $315,000 to use in mining operations. The interest rate on the loan was 6.8% per year. The loan was amortized such that it would be repaid in five equal payments that are due on April 1 of each year beginning in 2021 with annual payments of $54,582. When Mike acquired the asset, he expected to use the truck for six years and that he would be able to sell it for $120,000 at the end of the six years. He chose to use the double declining balance method of depreciation, prorating the first year of depreciation according to the half-year convention. Develop and present a depreciation schedule for the life of the asset. Indicate what numeric values (if any) associated with this depreciation schedule will appear on the 2021 cash basis income statement and the January 1, 2021 cost basis balance sheet, indicating where these values would appear on each and how they would be labeled. (SHOW YOUR WORK) [Note, the Table tool may make it easier to display your work.]
Mоntаnа Mike tооk out а loan for $225,000 on April 1, 2020 and applied it toward the purchase of a used articulated truck that he purchased for $315,000 to use in mining operations. The interest rate on the loan was 6.8% per year. The loan was amortized such that it would be repaid in five equal payments that are due on April 1 of each year beginning in 2021 with annual payments of $54,582. When Mike acquired the asset, he expected to use the truck for six years and that he would be able to sell it for $120,000 at the end of the six years. He chose to use the double declining balance method of depreciation, prorating the first year of depreciation according to the half-year convention. Develop and present a depreciation schedule for the life of the asset. Indicate what numeric values (if any) associated with this depreciation schedule will appear on the 2021 cash basis income statement and the January 1, 2021 cost basis balance sheet, indicating where these values would appear on each and how they would be labeled. (SHOW YOUR WORK) [Note, the Table tool may make it easier to display your work.]
Mоntаnа Mike tооk out а loan for $225,000 on April 1, 2020 and applied it toward the purchase of a used articulated truck that he purchased for $315,000 to use in mining operations. The interest rate on the loan was 6.8% per year. The loan was amortized such that it would be repaid in five equal payments that are due on April 1 of each year beginning in 2021 with annual payments of $54,582. When Mike acquired the asset, he expected to use the truck for six years and that he would be able to sell it for $120,000 at the end of the six years. He chose to use the double declining balance method of depreciation, prorating the first year of depreciation according to the half-year convention. Develop and present a depreciation schedule for the life of the asset. Indicate what numeric values (if any) associated with this depreciation schedule will appear on the 2021 cash basis income statement and the January 1, 2021 cost basis balance sheet, indicating where these values would appear on each and how they would be labeled. (SHOW YOUR WORK) [Note, the Table tool may make it easier to display your work.]
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