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i need help w 5 and 6 Question 5) Grimes Corporation purchased machinery on January 1, 2021, at a cost of $250,000. The estimated useful
i need help w 5 and 6 Question 5) Grimes Corporation purchased machinery on January 1, 2021, at a cost of $250,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,000. The company is considering different depreciation methods that could be used for financial reporting purposes. Instructions: A) Prepare separate depreciation schedules (as shown in class) for the machinery using the straight-line method, and the double-declining balance method. (Round to the nearest dollar.) B) Which method would result in the higher reported 2021 income? In the highest total reported income over the 4-year period? c) Which method would result in the lower reported 2021 income? In the lowest total reported income over the 4-year period? Question 6) Wang Co, mas delivery equipment that cost $66,000 and has been depreciated $31.055. Instructions. Record entries for the disposal under the following assumptions: A) It was scrapped as having no value. B) It was sold for $39,500 C) It was sold for $22.222
i need help w 5 and 6
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