Partial Year Depreciation - Financial Accounting

Class code: 5f3hc6g
We will discuss how to calculate partial year depreciation. Whether learning straight line deprecation, double declining balance method of deprecation, or units or production method of depreciation we generally start with full accounting periods, full months or years. When equipment or plant assets are purchased in the middle of a period we need to calculate depreciation for a partial period resulting in a partial year's depreciation in the year of purchase and the final year of the assets useful life.
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[Brownsugar]

how would you calculate depreciation if the asset was purchased October 8, of that year? All the examples I've seen has the asset being brought on the 1st of the month. What if it was purchased on the 8th of October?

[devonhitter]

How would you calculate rate of depreciation? Or do you not need it?