Exercise 11-1

Metlock Company purchases equipment on January 1, Year 1, at a cost of $581,560. The asset is expected to have a service life of12years and a salvage value of $49,600.

Compute the amount of depreciation for Years 1 through 3 using the straight-line depreciation method. (Round answers to 0 decimal places, e.g. 5,125.)

Depreciation for Year 1$

Depreciation for Year 2$

Depreciation for Year 3$

Compute the amount of depreciation for each of Years 1 through 3 using the sum-of-the-years'-digits method.

Depreciation for Year 1$

Depreciation for Year 2$

Depreciation for Year 3$

Compute the amount of depreciation for each of Years 1 through 3 using the double-declining-balance method. (Round depreciation rate to 2 decimal places, e.g. 15.84%. Round answers to 0 decimal places, e.g. 45,892.)

Depreciation for Year 1$

Depreciation for Year 2$

Depreciation for Year 3$