Knife Edge Company purchased tool sharpening equipment on July 1, 20Y5, for $16,200. The equipment was expected
Question:
Knife Edge Company purchased tool sharpening equipment on July 1, 20Y5, for $16,200. The equipment was expected to have a useful life of three years and a residual value of $900.
Instruction
Determine the amount of depreciation expense for the years ended December 31, 20Y5, 20Y6, 20Y7, and 20Y8, by
(a) The straight-line method and
(b) The double-declining-balance method.
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