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A company's property records revealed the following information about its plant assets: Machine No. Cost Salvage Value Purchase Date Depreciation Method and Estimated Life 1
A company's property records revealed the following information about its plant assets:
Machine No. | Cost | Salvage Value | Purchase Date | Depreciation Method and Estimated Life |
1 | $42,000 | $3,000 | 10/01 | Straight-line (3 years) |
2 | $86,000 | $8,600 | 7/01 | Double-declining balance (5 years) |
alculate the depreciation expense for each machine for the year ended December 31 for Year 1, and for the year ended December 31 for Year 2.
Machine 1:
Year 1_________________
Year 2_________________
Machine 2:
Year 1:________________
Year 2:________________
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