Freedom Co. purchased a new machine on July 2,2019 , at a total installed cost of $48,000. The machine has an estimated life of five years and an estlmated salvage value of $6,600. Required: a. Calculate the depreclation expense for each year of the asset's /Ife using: 1. Straight-line depreciation. 2. Double-declining-balance depreclation. b. How much depreclation expense should be recorded by Freedom Co. for Its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of Its first year of life.) c. Calculate the accumulated depreclation and net book value of the machine at December 31, 2020, under each method. Complete this question by entering your answers in the tabs below. Calculate the depreciation expense for each year of the asset's life using Straight-line depreciation. Freedom Co. purchased a new machine on July 2,2019 , at a total Installed cost of $48,000. The machine has an estimated life of five years and an estimated salvage value of $6,600. Required: a. Calculate the depreclation expense for each year of the asset's lffe using: 1. Straight-line depreclation. 2. Double-declining-balance depreciation. b. How much depreclation expense should be recorded by Freedom Co. for Its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of Its first year of life.) c. Calculate the accumulated depreclatlon and net book value of the machine at December 31, 2020, under each method. Complete this question by entering your answers in the tabs below. Calculate the depreciation expense for each year of the asset's life using Double-declining-balance depreciation. Freedom Co. purchased a new machine on July 2,2019 , at a total installed cost of $48,000. The machine has an estimated life of five years and an estlmated salvage value of $6,600. Required: a. Calculate the depreclation expense for each year of the asset's iffe using: 1. Straight-line depreciation. 2. Double-declining-balance depreciation. b. How much depreclation expense should be recorded by Freedom Co. for Its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of Its first year of life.) c. Calculate the accumulated depreclation and net book value of the machine at December 31, 2020, under each method. Complete this question by entering your answers in the tabs below. How much depreciation expense should be recorded by Freedom Co, for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of its first year of life.) Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $48,000. The machine has an estimated life of five years and an estlmated salvage value of $6,600. Required: a. Calculate the depreclation expense for each year of the asset's Iffe using: 1. Straight-Ine depreclation. 2. Double-declining-balance depreciation. b. How much depreclation expense should be recorded by Freedom Co. for Its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of Its first year of life.) c. Calculate the accumulated depreclation and net book value of the machine at December 31, 2020, under each method. Complete this question by entering your answers in the tabs below. Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method
