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In: Accounting
Depreciation by Three Methods; Partial Years Razar Sharp Company purchased equipment on July 1, 2014, for...
Depreciation by Three Methods; Partial Years Razar Sharp Company purchased equipment on July 1, 2014, for $70,200. The equipment was expected to have a useful life of three years, or 6,480 operating hours, and a residual value of $2,160. The equipment was used for 1,200 hours during 2014, 2,300 hours in 2015, 1,900 hours in 2016, and 1,080 hours in 2017.
Required: Determine the amount of depreciation expense for the years ended December 31, 2014, 2015, 2016, and 2017, by (a) the straight-line method, (b) units-of-output method, and (c) the double-declining-balance method.
Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then round the answer for each year to the nearest whole dollar.
a. Straight-line method Year Amount 2014 $ 2015 $ 2016 $ 2017 $
b. Units-of-output method Year Amount 2014 $ 2015 $ 2016 $ 2017 $
c. Double-declining-balance method Year Amount 2014 $ 2015 $ 2016 $ 2017 $
Solutions
ekkarill92 answered 7 months agoRelated Solutions
Depreciation by Three Methods; Partial Years Razar Sharp Company purchased equipment on July 1, 2014, for...
Depreciation by Three Methods; Partial Years
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The equipment was used for 1,200 hours during 2014, 2,300 hours in
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equipment was used for 1,000 hours during Year 1, 1,900 hours in
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Determine the amount of depreciation expense for the years ended
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equipment was used for 1,100 hours during Year 1, 2,100 hours in
Year 2, 1,800 hours in Year 3, and 940 hours in Year 4.
Required:
Determine the amount of depreciation expense for the years ended
December 31, Year 1, Year 2,...
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