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can an accountant tutor help me with my financial accounting please. Monte's Coffee Company purchased packaging equipment on January 5, 2014, for $98,000. The equipment
can an accountant tutor help me with my financial accounting please.
Monte's Coffee Company purchased packaging equipment on January 5, 2014, for $98,000. The equipment was expected to have a useful life of three years, or 20,000 operating hours, and a residual value of $6,000. The equipment was used for 8,980 hours during 2014, 6,930 hours in 2015, and 4,090 hours in 2016. 1. Determine the amount of depreciation expense for the years ended December 31, 2014, 2015, and 2016 by (a) the straight-line method, (b) the units-of-output method, and (c) the double-decliningbalance method. Also determine the total depreciation expense for the three years by each method. (Note: For STRAIGHT-LINE ONLY, round each year to the nearest whole dollar and round the last year of depreciation as necessary. For DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then round the answer for each year to the nearest whole dollar.) Question not attempted. Score: 0/45 Depreciation Expense 1 Year Straight-Line Units-of-Output Double-Declining-Balance Method Method Method 2 2014 3 2015 4 2016 5 Total Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: A. Timber rights on a tract of land were purchased for $1,406,160 on February 22. The stand of timber is estimated at 5,859,000 board feet. During the current year, 1,145,800 board feet of timber were cut and sold. B. On December 31, the company determined that $3,522,000 of goodwill was impaired. C. Governmental and legal costs of $7,194,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 10 years. Amortization is to be for three-fourths of a year. 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the items in the Instructions. A. B. C. $ $Step by Step Solution
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