Sonic Corporation purchased and installed electronic payment equipment at its drive-in restaurants in San Marcos, TX, at a cost of $29,700. The equipment has an estimated residual value of $1,200. The equipment is expected to process 257,000 payments over its three-year useful life. Per year, expected payment transactions are 61,680, year 1; 141,350, year 2; and 53,970, year 3. Required: Complete a depreciation schedule for each of the alternative methods. 1. Straight-line. 2. Units-of-production. 3. Double-declining-balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete a depreciation schedule for the straight-line method. (Do not round intermediate calculations.) Income Statement Year At acquisition 1 2 3 Depreciation Expense Cost Balance Sheet Accumulated Depreciation Book Value
Sonic Corporation purchased and installed electronic payment equipment at its drive-in restaurants in San Marcos, TX, at a cost of $29,700. The equipment has an estimated residual value of $1,200. The equipment is expected to process 257,000 payments over its three-year useful life. Per year, expected payment transactions are 61,680, year 1; 141,350, year 2; and 53,970, year 3. Required: Complete a depreciation schedule for each of the alternative methods. 1. Straight-line. 2. Units-of-production. 3. Double-declining-balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete a depreciation schedule for the straight-line method. (Do not round intermediate calculations.) Income Statement Year At acquisition 1 2 3 Depreciation Expense Cost Balance Sheet Accumulated Depreciation Book Value
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 11PA: Montezuma Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and...
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