Question
Concord Company shows the following entries in its Equipment account for 2021. All amounts are based on historical cost. Equipment 2021 2021 Jan. 1
Concord Company shows the following entries in its Equipment account for 2021. All amounts are based on historical cost. Equipment 2021 2021 Jan. 1 Balance 135,900 June 30 Cost of equipment sold Aug. 10 Purchases 34,080 (purchased prior to 2021 20,950 12 Freight on equipment purchased 785 25 Installation costs 2,810 Nov. 10 Repairs 530 (b) Assuming that depreciation is to be charged for a full year on the ending balance in the asset account, compute the proper depreciation charge for 2021 under each of the methods listed below. Assume an estimated life of 10 years, with no salvage value. The machinery included in the January 1, 2021, balance was purchased in 2019. (Round answers to O decimal places, e.g. 45,892.) (1) Straight-line (2) Sum-of-the-years-digits eTextbook and Media
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