2. In its balance sheet at December 31, 2017, Gangnam Style Equestrian Supplies Corp. reported the office equipment as:

3. Calculate the following amounts relative to the office furniture as they would appear in the 2018 financial statements of Gangnam Style Equestrian Supplies Corp. using the straight-line method of depreciation.

	AMOUNT
Depreciation expense for the year ended December 31, 2018 (1 point)
The carrying value of the office equipment at December 31, 2018 (1 point)

4. During 2017, the machinery produced 82,000 units. Calculate the following amounts relative to the machinery as they would appear in the 2017 financial statements of Gangnam Style Equestrian Supplies Corp. using the units-of-output method of depreciation.

	AMOUNT
Depreciation expense for the year ended December 31, 2017 (1 point)
The carrying value of the machinery at December 31, 2017 (1 point)

5. During 2018, the machinery produced 98,000 copies. Calculate the following amounts relative to the machinery as they would appear in the 2018 financial statements of Gangnam Style Equestrian Supplies Corp. using the units-of-output method of depreciation.

	AMOUNT
Depreciation expense for the year ended December 31, 2018 (1 point)
The carrying value of the machinery at December 31, 2018 (1 point)

6. Calculate the following amounts relative to the computers as they would appear in the 2017 financial statements of Gangnam Style Equestrian Supplies Corp. using the double-declining balance method of depreciation.

	AMOUNT
Depreciation expense for the year ended December 31, 2017 (1 point)
The carrying value of the computers at December 31, 2017 (1 point)

7. Calculate the following amounts relative to the computers as they would appear in the 2018 financial statements of Gangnam Style Equestrian Supplies Corp. using the double-declining balance method of depreciation.

	AMOUNT
Depreciation expense for the year ended December 31, 2018 (1 point)
The carrying value of the computers at December 31, 2018 (1 point)

8. Calculate the following amounts relative to the computers as they would appear in the 2019 financial statements of Gangnam Style Equestrian Supplies Corp. using the double-declining balance method of depreciation.

	AMOUNT
Depreciation expense for the year ended December 31, 2019 (1 point)
The carrying value of the computers at December 31, 2019 (1 point)

Problem #6: Depreciation (18 points) In this problem, you must present supporting calculations when applicable to receive full and partial credit. Correct answers given WITHOUT proper support will receive a minimum of a two-point The following information was extracted from the accounting records of Gangnam Style Equestrian Supplies Corp. at December 31, 2017: Estimated Date Acquired Estimated Useful Life Historic Residual Cost Depreciation Method Straight-line Units-of-Output Double-Declining Balance Value Office Furniture 1/2/2017$27,500 Machinery Computers $500 $1,500 800,000 units $1,000 8 years 6/15/2017 $87,500 1/5/2017 $36,000 3 years 1. Prepare the adjusting entry required to record depreciation on the office furniture at December 31, 2017 using the straight-line method of depreciation. (4 points) DATE ACCOUNT NAMES DEBIT CREDIT Supporting Computation Required