Question
Concord Corporation purchased a new machine on October 1, 2020, at a cost of $117,000. The company estimated that the machine will have a salvage
Concord Corporation purchased a new machine on October 1, 2020, at a cost of $117,000. The company estimated that the machine will have a salvage value of $11,500. The machine is expected to be used for10,000working hours during its5-year life.
Compute the depreciation expense under straight-line method for 2020.
Depreciation expense $
Compute the depreciation expense under units-of-activity for 2020, assuming machine usage was1,890hours.
Depreciation expense $
Compute the depreciation expense under declining-balance using double the straight-line rate for 2020 and 2021.
2020 2021
Depreciation expense $ $
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