JAN 1 000. Residual value at the end of an estimated 4-year vice. life is expected to be $4,940 The machine operated 3200 hours in the first and the company expects the chine to operate for a total of 23,000 hours. (Determine the financial effects of depreciation for a first aucial effects traight Hawaiian Speciality Foods purchased equipment for year, reach) method Accumulated Deprec Book Value (33,000) 29094 21044. 992 hrs operated Rate Dep Expense 3200 122 3904 3904 6,600 7.22 8052. 1956 6,600 7.22 8052 20008 6.600 %22 8052 28,060 4940 28240 = 1.22 1 00-28060 3,000 000 23,0 YEAR 1) (Amts to be deducted should be entered with minus sign] In COME STATEMENT REVENUES EXPENSES NET = Income 3904 Depreciation Expense 3904 BALANCE SHEET ASSETS = Accum Water LIABILITIES + Stockholders Equity 3904 (YEAR 2) INCOME STATEMENT REVENUES - EXPENSES = NET IncomE 8052 Depreciation Expens 8052 BALANE SHEET ASSETS Equipment LIABILITIES + Stockholder's Equity 8052