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In January 1, 2017, Skyline Limousine Co. purchased a new limo at an acquisition cost of $40,000 and wishes to compare three depreciation methods: straight-line,
In January 1, 2017, Skyline Limousine Co. purchased a new limo at an acquisition cost of $40,000 and wishes to compare three depreciation methods: straight-line, double-declining-balance, and units-of-production. The vehicle has an estimated useful life of 4 years, or 80,000 miles and a $4,000 salvage value. Requirements 1. Prepare depreciation schedules for the following methods: (a) straight-line, (b) units-of-activity, and (c) declining- balance using double the straight-line rate. 2. At December 31, 2017
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