Business, 17.06.2020 17:57 annabanana1298
Sheffield Corporation purchased machinery on January 1, 2022, at a cost of $282,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $33,200. The company is considering different depreciation methods that could be used for financial reporting purposes.
Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate.
STRAIGHT-LINE DEPRECIATION
Computation
Years Depreciable Cost X Depreciation Rate = Annual Depreciation Expense Accun Depre
2022 $
2023
2024
2025
DOUBLE-DECLINING-BALANCE DEPRECIATION
Computation
Years Book Value Beginning Depreciation Rate = Annual Depreciation Expense Accumulated
of Year
2022 $
2023
2024
2025 2,050*
Answers: 3
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Sheffield Corporation purchased machinery on January 1, 2022, at a cost of $282,000. The estimated u...
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