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Calculate the amount of depreciation to report during the year ended December 31 for equipment that was purchased at a cost of $50,000 on October 1. The equipment has an estimated residual value of $5,000 and an estimated useful life of five years or 20,000 hours. Required: Assume the equipment was used for 1,000 hours from October 1 to December 31 and the company uses (a) straight-line, (b) double-declining-balance, or (c) units-of-production depreciation. (Do not round intermediate calculations.) (a) Straight-Line (b) Double-Declining-Balance (c) Units-of-Production Depreciation

Calculate the amount of depreciation to report during the year ended December 31 for equipment that was purchased at a cost of $50,000 on October 1. The equipment has an estimated residual value of $5,000 and an estimated useful life of five years or 20,000 hours. Required: Assume the equipment was used for 1,000 hours from October 1 to December 31 and the company uses (a) straight-line, (b) double-declining-balance, or (c) units-of-production depreciation. (Do not round intermediate calculations.) (a) Straight-Line (b) Double-Declining-Balance (c) Units-of-Production Depreciation

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter18: Accounting For Long-term Assets
Section: Chapter Questions
Problem 3CE: A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years....
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Calculate the amount of depreciation to report during the year ended December 31 for equipment that was purchased at a cost of $50,000 on October 1. The equipment has an estimated residual value of $5,000 and an estimated useful life of five years or 20,000 hours. Required: Assume the equipment was used for 1,000 hours from October 1 to December 31 and the company uses (a) straight-line, (b) double-declining-balance, or (c) units-of-production depreciation. (Do not round intermediate calculations.) (a) Straight-Line (b) Double-Declining-Balance (c) Units-of-Production Depreciation
Transcribed Image Text:Calculate the amount of depreciation to report during the year ended December 31 for equipment that was purchased at a cost of $50,000 on October 1. The equipment has an estimated residual value of $5,000 and an estimated useful life of five years or 20,000 hours. Required: Assume the equipment was used for 1,000 hours from October 1 to December 31 and the company uses (a) straight-line, (b) double-declining-balance, or (c) units-of-production depreciation. (Do not round intermediate calculations.) (a) Straight-Line (b) Double-Declining-Balance (c) Units-of-Production Depreciation
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