Fried Chicken bought equipment on

January

2,

2024,

for

$30,000.

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

4,800

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

Southern

estimates that its residual value will be

$6,000.

The equipment operated for

480

hours the first year,

1,440

hours the second year,

1,920

hours the third year, and

960

hours the fourth year. Read the requirements

LOADING...

.

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

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

Straight-Line Depreciation Schedule
		Depreciation for the Year
	Asset	Depreciable		Useful		Depreciation	Accumulated	Book
Date	Cost	Cost		Life		Expense	Depreciation	Value
1-2-2024
12-31-2024					=
12-31-2025					=
12-31-2026					=
12-31-2027					=