Equipment with a cost of $148,445 has an estimated residual value of $7,975 and an estimated life of 7 years or 15,591 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used for 3,063 hours? a. $20,067.14 b. $27,596.67 c. $21,206.43 d. $27,642.53 Depreciation by Two Methods A storage tank acquired at the beginning of the fiscal year at a cost of $95,000 has an estimated residual value of $5,000 and an estimated useful life of 25 years. a. Determine the amount of annual depreciation by the straight-line method. $fill in the blank 1 b. Determine the amount of depreciation for the first and second years computed by the double-declining-balance method. Do not round the double-declining balance rate. If required, round your answers to the nearest dollar. Depreciation Year 1 $fill in the blank 2 Year 2 $fill in the blank 3 Accounts Receivable Turnover and Days' Sales in Receivables Classic Company designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The companys products include such brands as Polo by Classic, Classic Purple Label, Classic, Polo Jeans Co., and Chaps. Polo Classic reported the following for two recent years: For the Period Ending Year 2 Year 1 Sales $5,062,550 $5,007,800 Accounts receivable 525,600 540,200 Assume that accounts receivable were $481,800 at the beginning of Year 1. a. Compute the accounts receivable turnover for Year 2 and Year 1. Round your answers to two decimal places. Year 2: fill in the blank 1 Year 1: fill in the blank 2 b. Compute the days' sales in receivables for Year 2 and Year 1. Round your final answers to one decimal place. Use 365 days per year in your calculations. Year 2: fill in the blank 3 days Year 1: fill in the blank 4 days c. The change in the accounts receivable turnover from year 1 to year 2 indicates a(n) in the efficiency of collecting accounts receivable and is a(n) change. The change in the days' sales in receivables is a(n) change

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