HomeworkPoints: 0 of 1Souther Fried Chicken bought equipment on January 2, 2024, for $21,000. The equipment was expected to remain in service for four years and to operate for 4,500 hours. At the end of the equipment's useful lide, Southem estimates that is residual value will be $3,000. The equipment operated for 450 hours the first year 1.350 hours the second year1,800 hours the third year, and 900 hours the fourth yearRead the requirementsSRequirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book vale per year for the equipment under the three depreciation methods straight-line, units of production, and double-decining balance. Show your computations. Note: Three depreciation schedules mund be preparedBegin by preparing a depreciation schedule using the straight-line method.Straight-Line Depreciation ScheduleAssetDateCost1-2-2024 S 21,00012-31-202412-31-202512-31-200812-31-2027Get more help.archDepreciableCostSDepreciation for the YearUsefulLife18,000+18,000 +18,000 +18.000+4 years4 years4 years4 yearsW...Depreciation AccumulatedDepreciationExpense54,500 $4,5004,5004,5005(21)4.5000,00013,50018,000ESBookValue21,00016,500Clear all9 4x54°F Cloudy@OFinal12:18 A11/12/2

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Description: HomeworkPoints: 0 of 1Souther Fried Chicken bought equipment on January 2, 2024, for $21,000. The equipment was expected to remain in service for four years and to operate for 4,500 hours. At the end of the equipment's useful lide, Southem estimates

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Southem Fried Chicken bought equipment on January 2, 202 1,800 hours the third year, and 900 hours the fourth year Read the resumes Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book vale per year for the equipment under the these depreciation methods sightine, units of prod Begin by preparing a depreciation schedule using the straight line method Straight Line Depreciation Schedule Date 1-2-2004 S 12-31-2024 12-31-2025 12-31-2026 Asset Cost 21,000 Depreciable Cost Depreciation for the Year Useful Life 18.000+ 18.000+ 15,000 18.000 4 years 4 years Depreciation Accumulated Expense Depreciation 4,500 $ 4,500 4.500 4,500 4.500 0.000 13,500 18.000 S Book Value 21,000 16.500

Southem Fried Chicken bought equipment on January 2, 202 1,800 hours the third year, and 900 hours the fourth year Read the resumes Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book vale per year for the equipment under the these depreciation methods sightine, units of prod Begin by preparing a depreciation schedule using the straight line method Straight Line Depreciation Schedule Date 1-2-2004 S 12-31-2024 12-31-2025 12-31-2026 Asset Cost 21,000 Depreciable Cost Depreciation for the Year Useful Life 18.000+ 18.000+ 15,000 18.000 4 years 4 years Depreciation Accumulated Expense Depreciation 4,500 $ 4,500 4.500 4,500 4.500 0.000 13,500 18.000 S Book Value 21,000 16.500

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 10E: Hathaway Company purchased a copying machine for 8,700 on October 1, 2019. The machines residual...

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