Bonita's Quik Shop bought machinery for $76000 on January 1, 2020. Bonita estimated the useful life to be 5 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2021, Bonita decides that the business will use the machinery for a total of 6 years. What is the revised depreciation expense for 2021

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.