answer in text form please (without image) Waylander Coatings Company purchased waterproofing equipment on January 6 for $508,400. The equipment was expected to have a useful life of 4 years, or 8,800operating hours, and a residual value of $42,000. The equipment was used for 3,300 hours during Year 1, 2,700 hours in Year 2, 1,600 hours in Year 3, and 1,200 hoursin Year 4.Required:1. Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the 4 years by each method.Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then, round the answer for each year to the nearest whole dollar.Depreciation ExpenseUnits-of-ActivityMethodYearYear 1Year 2Year 3Year 4.Straight-LineMethodTotal2. What method yields the highest depreciation expense for Year 17Double-Declining-Balance Method3. What method yields the most depreciation over the 4-year life of the equipment?

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Description: answer in text form please (without image) Waylander Coatings Company purchased waterproofing equipment on January 6 for $508,400. The equipment was expected to have a useful life of 4 years, or 8,800operating hours, and a residual value of $42,000.

Depreciation is an expense which is recorded by the business entity due to wear and tear of the…

Business

Accounting

Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then, round the answer for each year to the nearest whole dollar. Depreciation Expense Units-of-Activity Method Year Year 1 Year 2 Year 3 Year 4. Straight-Line Method Total 2. What method yields the highest depreciation expense for Year 17 Double-Declining- Balance Method 3. What method yields the most depreciation over the 4-year life of the equipment?

Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then, round the answer for each year to the nearest whole dollar. Depreciation Expense Units-of-Activity Method Year Year 1 Year 2 Year 3 Year 4. Straight-Line Method Total 2. What method yields the highest depreciation expense for Year 17 Double-Declining- Balance Method 3. What method yields the most depreciation over the 4-year life of the equipment?

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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A machine costing 350,000 has a salvage value of 15,000 and an estimated life of three years. Prepare depreciation schedules reporting the depreciation expense, accumulated depreciation, and book value of the machine for each year under the double-declining-balance and sum-of-the-years-digits methods. For the double-declining-balance method, round the depreciation rate to two decimal places.
Waylander Coatings Company purchased waterproofing equipment on January 6 for $661,800. The equipment was expected to have a useful life of four years, or 8,800 operating hours, and a residual value of $54,600. The equipment was used for 3,300 hours during Year 1, 2,700 hours in Year 2, 1,600 hours in Year 3, and 1,200 hours in Year 4. Required: 1. Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the four years by each method. Note: Round the answer for each year to the nearest whole dollar. Depreciation Expense Year Straight-Line Method Units-of-Activity Method Double-Declining-Balance Method Year 1 Year 2 $4 $ Year 3 Year 4 $4 Total 2. What method yields the highest depreciation expense for Year 1? 3. What method yields the most depreciation over the four-year…
Waylander Coatings Company purchased waterproofing equipment on January 6 for $591,600. The equipment was expected to have a useful life of four years, or 9,200 operating hours, and a residual value of $48,800. The equipment was used for 3,500 hours during Year 1, 2,900 hours in Year 2, 1,700 hours in Year 3, and 1,100 hours in Year 4. Required: 1. Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method. Also determine the total depreciation expense for the four years by each method. Note: Round the answer for each year to the nearest whole dollar. Depreciation Expense Year Straight-Line Method Units-of-Activity Method Double-Declining-Balance Method Year 1 135,700 V 59 x Year 2 Year 3 24 Year 4 Total 2. What method yields the highest depreciation expense for Year 1? 3. What method yields the most depreciation over the…
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