Business, 16.03.2020 17:25 dawsoncollins4117
Depreciation calculation methods—partial year Freedom Co. purchased a new machine on July 2, 2013, at a total installed cost of $44,000. The machine has an estimated life of five years and an estimated salvage value of $6,000.
a. Calculate the depreciation expense for each year of the asset’s life using:
1. Straight-line depreciation.
2. Double-declining-balance depreciation.
3. 150% declining-balance depreciation.
b. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2013, under each of the three methods? (Note: The machine will have been used for one-half of its first year of life.)
c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2014, under each of the three methods.
Answers: 1
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Depreciation calculation methods—partial year Freedom Co. purchased a new machine on July 2, 2013, a...
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