E10-20 (similar to) Question Help Wonder Fried Chicken bought equipment on January 2, 2018, for $21,000. The equipment was expected to remain in service for four years and to operate for 5,000 hours. At the end of the equipment's useful life, Wonder estimates that its residual value will be $3,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2.400 hours the third year, and 1,200 hours the fourth year. Read the requirements Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining balance. Show your computations. Note: Three depreciation schedules must be prepared Book Value Begin by preparing a depreciation schedule using the straight-line method. Straight Line Depreciation Schedule Depreciation for the Year Asset Depreciable Useful Depreciation Accumulated Date Cost Cost Life Expense Depreciation 1-2-2018 21,000 12-31-2018 12-31-2019 12-31-2020 12-31-2021 Choose from any list or enter any number in the input fields and then click Check Answer Homework: Homework - Chapter 10 Sav 4 of 9 (3 complete) HW Score: 57.14%, 8 of 14 Score: 0 of 1 pt S10-8 (similar to) Question Help On August 31, 2018, Modern Landscapes discarded equipment that had a cost of $30,440. Accumulated Depreciation as of December 31, 2017, was $29.000 Assume annual depreciation on the equipment is $1,440. Joumalize the partial-year depreciation expense and disposal of the equipment Record debits first, then credits Select the explanation on the last line of the journal entry table) Journalize the partial-year depreciation expense Date Accounts and Explanation Debit Credit Aug 31