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I need help solving this problem...its asking for straight method Dep Exp Acc Exp Book Value for each year 2011-2015 On July 1, 2011, Input
I need help solving this problem...its asking for straight method
Dep Exp
Acc Exp
Book Value
for each year 2011-2015
On July 1, 2011, Input Outzone Inc. purchased new equipment from Acme Equipment Company that had a purchase price (including sales tax) of $94,185. Acme charged $2,100 to deliver the equipment and $8,400 to install it at Input Outzone's site. Input Outzone's accountant provided the payment for the equipment, delivery, and installation to Acme that day. Input Outzone had its own masterlevel employees perform trial runs on the equipment. This took 10.5 hours, and those employees earn $30 per hour. During the trial runs, there was some damage to one of the walls beside the equipment. Input Outzone's maintenance staff repaired the wall. The cost for the maintenance wages was $105. All wages for trial runs and wall repair will be paid at the end of the following week. APPLY THE CONCEPTS: Calculate and determine the entry for straight-line depreciation The equipment purchased by Input Outzone Inc. (see the journal entry above) is expected to have a useful life of four years. At the end of its useful life, the residual value of the equipment is estimated to be $3,000. Input Outzone Inc.'s fiscal year ends each December 31. In the table to the below, calculate the equipment's depreciation expense, the balance of accumulated depreciation, and the book value for each year the equipment is expected to be in service, using the straight-line method. Straight-Line Method Year Depreciation Expense Accumulated Depreciation Book Value 2011 $ $ $ 25421.25 91185 2012 $ $ $ 2013 $ $ $ 2014 $ $ $ 2015 $ $ $ Input Outzone prepares the entry to record depreciation each year on DStep by Step Solution
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