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Kenartha Oil recently paid $ 4 8 3 , 9 0 0 for equipment that will last five years and have a residual value of

Kenartha Oil recently paid $483,900 for equipment that will last five years and have a residual value of $114,000. By using the machine in its operations for five years, the company expects to earn $180,000 annually, after deducting all expenses except depreciation. Complete the schedule below assuming each of (a) straight-line depreciation and (b) double-declining-balance depreciation. (Do nor round intermediate calculations. Enter loss amounts with a minus sign.)
\table[[(a),Straight-Line Depreciation:,Year 1,Year 2,Year 3,Year 4,Year 5,5-Year Totals],[],[,Profit before depreciation,,180,000,$,180,000,$,180,000,,180,000,,180,000,$,900,000],[,Depreciation expenses,,73,980,,73,980,,73,980,,73,980,,73,980,,369,900],[,Profit (loss),$,106,020,$,106,020,$,106,020,$,106,020,$,106,020,$,530,100],[(b),Double-Declining-Balance Depreciation:,,,,,,,,,,,,],[,Year 1,Year 2,Year 3,Year 4,Year 5,5-Year Totals],[Profit before depreciation,$,180,000,$,180,000,$,180,000,$,180,000,,180,000,$,900,000],[Depreciation expenses,,193,560,,116,136,,,,,,0,,],[Profit (loss),$,(13,560),$,63,864,,,,,,180,000,,]]
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