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    Nov 18, 2012, 10:49 AM
    depreciation of fixed assets
    A machine cost a firm $70,000 on January 1, 2005. The machine was expected to be used for eight years and then sold for $6,000. The firm uses a straight line method for assessing depreciation. Financial year end is December 31.

    Prepare the accumulated provision for depreciation account for 2005 and 2008 using the straight line method.

    On January 1, 2009 the firm decided that a reducing balance method would be more appropriate for assessing depreciation and decided to use a rate of 25% of the net book value. Prepare the accumulated provision for depreciation account for the years 2009 to 2012.

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