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A machine cost $880,000 on May 1, 2018. Its estimated salvage value is $80,000 and its expected life is eight years. Instructions Calculate the depreciation

A machine cost $880,000 on May 1, 2018. Its estimated salvage value is $80,000 and its expected life is eight years.

Instructions

Calculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used.

(a)Straight-line for 2018 and 2019

(b)Double-declining balance for 2018, 2019 and 2020

(c)Sum-of-the-years'-digits for 2018, 2019 and 2020

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