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help with A, B,C, and D On May 6, 20X3, Custom Designs, Inc. purchased equipment for $93,000 which had an estimated salvage value of $5,000
help with A, B,C, and D
On May 6, 20X3, Custom Designs, Inc. purchased equipment for $93,000 which had an estimated salvage value of $5,000 and an estimated life of 5 years. Custom Designs, Inc. uses the half-year convention in all depreciation expense calculations. a) Complete the schedule below for all years of the equipment's life: Straight-line method applying the half-year convention b) Complete the schedule below for all years of the equipment's life: 200% DDB Method Applying the Half-Year Convention c) Complete the schedule below for all years of the equipment's life: 150% DB Depreciation Method Applying the Half-Year Convention Year Declining Balance d) Show the presentation in the statement of financial position as of December 31 , 20X5, of the equipment when (1) the straight-line method is used, (2) the doubledeclining-balance method is used, and (3) the 150% declining balance method is used. e) Suppose the equipment was sold on April 25, 20X6, by Custom Designs, Inc. for $35,000. Determine gain or loss on sale and prepare joumal entries to record the sale assuming (1) the straight-line method is used, (2) the double-declining-balance method is used, and (3) the 150% declining balance method is used Step by Step Solution
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