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explain On March 31, 2021, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the end of an estimated four-year service life is expected
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On March 31, 2021, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the end of an estimated four-year service life is expected to be $2,000. The company expects the equipment to operate for 10,000 hours. The equipment operated for 2,200 and 3,000 hours in 2021 and 2022, respectively. Required: a. Calculate depreciation expense for 2021 and 2022 using straight-line method. b. Calculate depreciation expense for 2021 and 2022 using double-declining-balance method. c. Calculate depreciation expense for 2021 and 2022 using units-of-production using hours operated. Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate depreciation expense for 2021 and 2022 using straight-line method. Straight Line Depreciation Formula Amount Year 2021 $ 2022 $ Choose Numerator: Annual Depreciation 0x 0 Choose Denominator: Fraction of Year On March 31, 2021, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the end of an estimated four-year service life is expected to be $2,000. The company expects the equipment to operate for 10,000 hours. The equipment operated for 2,200 and 3,000 hours in 2021 and 2022, respectively. Required: a. Calculate depreciation expense for 2021 and 2022 using straight-line method. b. Calculate depreciation expense for 2021 and 2022 using double-declining-balance method. c. Calculate depreciation expense for 2021 and 2022 using units-of-production using hours operated. Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate depreciation expense for 2021 and 2022 using double-declining-balance method. Double Declining Balance Method Formula Amount for 2021 Amount for 2022 Choose Numerator: * Choose Denominator: Depreciation Expense Depreciation Expense On March 31, 2021, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the end of an estimated four-year service life is expected to be $2.000. The company expects the equipment to operate for 10,000 hours. The equipment operated for 2,200 and 3,000 hours in 2021 and 2022, respectively. Required: a. Calculate depreciation expense for 2021 and 2022 using straight-line method. b. Calculate depreciation expense for 2021 and 2022 using double-declining-balance method. c. Calculate depreciation expense for 2021 and 2022 using units-of-production using hours operated. Complete this question by entering your answers in the tabs below. Required A Required B Required d Calculate depreciation expense for 021 machine hour answers to 2 decimal places.) Select formula for Units of Production Depreciation: Calculate 2021 depreciation expense Depreciation per machine hour Machine hours in 2021 Depreciation in 2021 Calculate 2022 depreciation expense Depreciation per machine hour Machine hours in 2022 Depreciation in 2022 Required C Step by Step Solution
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