Yorkton Company purchased for $415,000 equipment having an estimated useful life of 10 years with an estimated

Question:

Yorkton Company purchased for $415,000 equipment having an estimated useful life of 10 years with an estimated residual value of $25,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end.

Required

Complete the following schedules (round calculations to the nearest whole dollar):

1. Assuming the purchase was made on January 1, 2020.

2. Assuming the purchase was made on July 1, 2020.

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Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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Question Posted: Dec 12, 2019 01:12 PM

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Yorkton Company purchased for $415,000 equipment having an estimated useful life of 10 years with an estimated

Question:

2020 2021 2022 A. Double-declining-balance method Equipment . Less: Accumulated depreciation Year-end book value.. Depreciation expense for the year B. Straight-line method. Equipment. Less: Accumulated depreciation. Year-end book value.. Depreciation expense for the year

Step by Step Answer:

1 Purchased January 1 2020 2020 2021 2022 A Doubledecliningbalance method Equipment 415000 415000 41...View the full answer

Fundamental Accounting Principles Volume I

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