April Co., whose accounting period ends on December 31, purchased a machine for $7,000 on January 1
Question:
April Co., whose accounting period ends on December 31, purchased a machine for $7,000 on January 1 with an estimated residual value of $1,000 and an estimated useful life of 10 years. Prepare depreciation schedules for the current as well as the following year using
(a) Straight-line,
(b) Double declining-balance at twice the straight-line rate methods.
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