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1) On January 1, 2020, Carp Corp. purchased a printer designed to print documents for a cost of $2,800. In addition to this purchase price,
1) On January 1, 2020, Carp Corp. purchased a printer designed to print documents for a cost of $2,800. In addition to this purchase price, Carp had to pay $300 cash for installation of the system The system is expected to last for 10 years, or print 12,000 documents, after which time it will have a residual value of $100. a. Give Carp's journal entry to purchase the printer. b. Calculate Carp's depreciation expense for 2020, 2021, and 2022, under the straight-line, unit, and double declining balance methods. Assume that the printer printed 800 documents in 2020, 1,600 documents in 2021, and 1,200 documents in 2022. c. Using straight-line depreciation, what is Carp's accumulated depreciation at December 31, 2022? What is the net value of the asset at December 31, 2022? d. Using unit depreciation, what is Carp's accumulated depreciation at December 31, 2021? What is the net value of the asset at December 31, 2021? e. Using double declining balance depreciation, what is Carp's accumulated depreciation at December 31, 2020? What is the net value of the asset at December 31, 2020
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