[ThaliaC]

1. Brown purchased Machinery for $$200,000 on January 1 2012 and started depreciating it over five years. Residual value was taken as $20,000.
At January 1 2015 a review of asset lives was undertaken and the remaining useful life was estimated at eight years. Residual value was estimated as nil.
Calculate the depreciation charge for the year ended, 31 December, 2015 and subsequent years. Show the ledger entries for the assets and the accumulated depreciation accounts for the number of years.

1. Brown purchased Machinery for $$200,000 on January 1 2012 and started depreciating it over five years. Residual value was taken as $20,000.
At January 1 2015 a review of asset lives was undertaken and the remaining useful life was estimated at eight years. Residual value was estimated as nil.
Calculate the depreciation charge for the year ended, 31 December, 2015 and subsequent years. Show the ledger entries for the assets and the accumulated depreciation accounts for the number of years.

1. Brown purchased Machinery for $$200,000 on January 1 2012 and started depreciating it over five years. Residual value was taken as $20,000.
At January 1 2015 a review of asset lives was undertaken and the remaining useful life was estimated at eight years. Residual value was estimated as nil.
Calculate the depreciation charge for the year ended, 31 December, 2015 and subsequent years. Show the ledger entries for the assets and the accumulated depreciation accounts for the number of years.

[Curlyben]

What do YOU think ?
While we're happy to HELP we wont do all the work for you.
Show us what you have done and where you are having problems..

[ThaliaC]

What do YOU think ?
While we're happy to HELP we wont do all the work for you.
Show us what you have done and where you are having problems..

(200,000-20,000)/5 yrs=36,000

200,000-36,000 times 1=164,000

164000-nil/8yrs=20,500

my problem is I don't know how to put it in journal entry as the question asks.

[paraclete]

You debit depreciation expense and credit accumulated depreciation, you repeat this at each balance date, and then when the useful life is reaccessed you take the balance, adjust the residual value, a divide it by the remaining years and make the remaining entries.

Accountant's need analyitical skills, so you need to learn to analyse the question because part of your answer is incorrect. Your understanding is not enhanced by repeating the question three times