Computing Straight-Line and Double-Declining-Balance Depreciation On January 2, Haskins Company purchases a laser cutting machine for use
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Question:
Computing Straight-Line and Double-Declining-Balance Depreciation
On January 2, Haskins Company purchases a laser cutting machine for use in fabrication of a part for one of its key products. The machine cost $80,000, and its estimated useful life is five years, after which the expected salvage value is $5,000. Compute depreciation expense for each year of the machine's useful life under each of the following depreciation methods:
Note:Round answers to the nearest whole number, when applicable.
a. Straight-line
Year 1_______
Year 2_______
Year 3_______
Year 4_______
Year 5_______
b. Double-declining-balance
Year 1_______
Year 2_______
Year 3_______
Year 4_______
Year 5_______
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