Fried Chicken bought equipment on

January

2,

2024,

for

$27,000.

The equipment was expected to remain in service for four years and to operate for

5,250

hours. At the end of the equipment's useful life,

Seconds

estimates that its residual value will be

$6,000.

The equipment operated for

525

hours the first year,

1,575

hours the second year,

2,100

hours the third year, and

1,050

hours the fourth year.

1.Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared.

2.

Which method tracks the wear and tear on the equipment most closely?

Begin by preparing a depreciation schedule using the straight-line method.

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