Question
1) Equipment acquired at a cost of $67,000 has an estimatedresidual valueof $4,000 and an estimated useful life of 10 years. It was placed into
1) Equipment acquired at a cost of $67,000 has an estimatedresidual valueof $4,000 and an estimated useful life of 10 years. It was placed into service on April 1 of the current fiscal year, which ends on December 31.
If necessary, round your answers to the nearest cent.
a.Determine the depreciation for the current fiscal year and for the following fiscal year by thestraight-line method.
Depreciation
Year 1 $______
Year 2$______
b.Determine the depreciation for the current fiscal year and the following fiscal year by thedouble-declining-balance method.
Depreciation
Year 1 $______
Year 2$______
2)
I need help with truck 3 credit to accumulated depreciation.
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