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Calculate depreciation using all three methods for the company car given. Type of Car: Porsche Cost of Car: $78,100 Useful Life: 5 years Residual Value:
Calculate depreciation using all three methods for the company car given.
| Type of Car: | Porsche | ||
| Cost of Car: | $78,100 | ||
| Useful Life: | 5 years | ||
| Residual Value: | $3,100 | ||
| Estimated Miles: 100,000 | |||
| Miles by Year: | |||
| Year 1: 28,000 | |||
| Year 2: 35,000 | |||
| Year 3: 25,000 | |||
| Year 4: 12,000 | |||
| STRAIGHT-LINE DEPRECIATION | |||
| Depreciation | Accumulated | Carrying | |
| Expense | Depreciation | Value | |
| Year 1 | |||
| Year 2 | |||
| Year 3 | |||
| Year 4 | |||
| Year 5 | |||
| Year 6 | |||
| Year 7 | |||
| DOUBLE DECLINING BALANCE | |||
| Depreciation | Accumulated | Carrying | |
| Expense | Depreciation | Value | |
| Year 1 | |||
| Year 2 | |||
| Year 3 | |||
| Year 4 | |||
| Year 5 | |||
| Year 6 | |||
| Year 7 | |||
| UNITS OF PRODUCTION METHOD | |||
| Depreciation | Accumulated | Carrying | |
| Expense | Depreciation | Value | |
| Year 1 | |||
| Year 2 | |||
| Year 3 | |||
| Year 4 | |||
| Year 5 | |||
| Year 6 | |||
| Year 7 | |||
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