At their April 21, 2016 meeting, the Forsyth County Board of Commissioners proclaimed May 5, 2016 as âDay of Prayerâ in Forsyth County. All are invited to meet outside of the Forsyth County Courthouse in downtown Cumming at 10 a.m. on May 5, for observance of âDay of Prayer.â.
The accumulated depreciation account is an asset account with a credit balance (also known as a contra asset account); this means that it appears on the balance sheet as a reduction from the gross amount of fixed assets reported.
Under the straight-line method of depreciation, one-fifth (1/5, or 20%) of the depreciable cost of the asset will be depreciated each year. Under the double declining balance method, however, 40% (2 Ã 20%) of the book value of the asset will be depreciated each year. Towards the end of its useful life, we are careful not to let the depreciation expense reduce the asset's book value below its estimated salvage value. For example: Year 1.