Adjusting Entry: Depreciation

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» Adjusting Entry: Depreciation

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Sep 28, 2006, 09:24 PM

Blue9999

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Join Date: Sep 2006

Posts: 2

Adjusting Entry: Depreciation

Adjusting Entry:
XYZ purchased a computer on Dec. 21, 2008 for $5,100 with the useful of 10 years and salvage value of 1,300. XYZ uses double-declining method and takes half-year's depreciation in the year of acquisition.

We will depreciate the computer by $510 for period ending Dec. 31, 2008 - Is this Correct?

(5100 - 0) x 2/10 = 1,020 / 2 = 510

Thanks in advance.
Blue9999

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