Explain how you determined the useful lives, residual values, and why you selected the depreciation method you used.

Please use golden sack company as the company

In part 2 of this project, you made a list of assets your organization will need. Select ONE of those assets to depreciate. You will need to estimate the useful life, any residual value, and determine which depreciation method(s) you will use. Explain how you determined the useful lives, residual values, and why you selected the depreciation method you used. If you are uncertain what the estimated life should be, you could do a search online, but be careful NOT to use tax (MACRS) estimated lives, as these are not applicable for GAAP. Prepare a journal entry to record the depreciation expense for the first year. You may use this format:

Asset Cost:

Useful Life:

Salvage (Residual) Value:

Method Used:

Depreciation the first full year:

Entry to record Depreciation:

Source(s):

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