Given Data: Depreciation Type : Mid-Month Duration : 2 years Year 1 : 50% Year 2 : 50% Asset Cost : 360 Salvage Value : 240 Basis : 360 - 240 = 120 Imported : Yes Placed in Service: 12/31/2020 Imported Depreciation thru:12/31/2021 Depreciation to date GAAP: 75
Entry on "Create asset" being clicked | Account | DR | CR |
|---|
| Asset | 360 |
| | Accumulated Depr |
| 75 | | Offset Account |
| 285 |
Monthly Depreciation Formula Basis * Year Percentage / Number of Months in a year
| Year # | Month # | Date | Transaction | Computation |
| Depreciation To Date | | 1 | 1 | 12/31/2020 | Place in service |
|
| 0.00 | | 1 | 1 | 12/31/2020 | Depreciation | 0 | 0 | 0 | | 1 | 2 | 01/31/2021 | Depreciation | 0 | 0 | 0 | | 1 | 3 | 02/28/2021 | Depreciation | 0 | 0 | 0 | | 1 | 4 | 03/31/2021 | Depreciation | 0 | 0 | 0 | | 1 | 5 | 04/30/2021 | Depreciation | 0 | 0 | 0 | | 1 | 6 | 05/31/2021 | Depreciation | 0 | 0 | 0 | | 1 | 7 | 06/30/2021 | Depreciation | 0 | 0 | 0 | | 1 | 8 | 07/31/2021 | Depreciation | 0 | 0 | 0 | | 1 | 9 | 08/31/2021 | Depreciation | 0 | 0 | 0 | | 1 | 10 | 09/30/2021 | Depreciation | 0 | 0 | 0 | | 1 | 11 | 10/31/2021 | Depreciation | 0 | 0 | 0 | | 1 | 12 | 11/30/2021 | Depreciation | 0 | 0 | 0 | | 2 | 1 | 12/31/2021 | Depreciation | 0 | 0 | 0 | | 2 | 1 | 12/31/2021 | Imported | 0 | 0 | 75 | | 2 | 2 | 01/31/2022 | Depreciation | 120 * .5 /12 | 5.00 | 80.00 (75.00+5.00) | | 2 | 3 | 02/28/2022 | Depreciation | 120 * .5 /12 | 5.00 | 85.00 | | 2 | 4 | 03/31/2022 | Depreciation | 120 * .5 /12 | 5.00 | 90.00 | | 2 | 5 | 04/30/2022 | Depreciation | 120 * .5 /12 | 5.00 | 95.00 | | 2 | 6 | 05/31/2022 | Depreciation | 120 * .5 /12 | 5.00 | 100.00 | | 2 | 7 | 06/30/2022 | Depreciation | 120 * .5 /12 | 5.00 | 105.00 | | 2 | 8 | 07/31/2022 | Depreciation | 120 * .5 /12 | 5.00 | 110.00 | | 2 | 9 | 08/31/2022 | Depreciation | 120 * .5 /12 | 5.00 | 115.00 | | 2 | 10 | 09/30/2022 | Depreciation | 120 * .5 /12 | 5.00 | 120.00 | | 2 | 11 | 10/31/2022 | Depreciation | 120 * .5 /12 | 0 | 120.0.00 (Reached Max dep due to imported value | | 2 | 12 | 11/30/2022 | Depreciation | 120 * .5 /12 | 0 | 120.00 |
This is marked as Fully Depreciated when Depreciate To Date Amount >= Basis Amount
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