Question
Equipment was purchased for the cost of $124,300. The equipment was purchased on February 1. The companys fiscal year end is November 30. The equipment
Equipment was purchased for the cost of $124,300. The equipment was purchased on February 1. The companys fiscal year end is November 30. The equipment is estimated to have a four-year life and a $7,365 residual value. The diminishing balance method, the straight-line rate, is used is used to depreciate the asset.
1. Depreciation expense for the current year (nearest dollar without comma, e.g. 15000): Answer
2. Depreciation expense for the next year (nearest dollar without comma, e.g. 15000): Answer
3. Equipment's carrying amount, next year ending balance sheet (nearest dollar without comma, e.g. 15000): Answer
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