financial accounting

2. Vincent Limited paid $100,000 to purchase equipment at the beginning of 2020. Vincent Limited estimated the useful life of the equipment to be 5 years or 200,000 units. The equipment will be considered fully amortized a when the balance in the Accumulated Depreciation account reaches $100,000. The equipment produced 50,000 units in 2020. (20 marks) Required: Determine the estimated residual value of the equipment. b. What is the amortizable cost of the equipment? C. Calculate depreciation expense for 2020 under each of the following methods: 1. straight-line il units-of-production iii. double-declining balance If you were a new accountant in a company and you were asked to determine how best to depreciate a new machine they just bought; how would you determine the best method? What is the difference between your method and other method? How does your method affect the income statement? d