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My third time asking this question here, no matter what I do I get it wrong. This is my very last guess and this single
My third time asking this question here, no matter what I do I get it wrong. This is my very last guess and this single question is worth 1/4 of my grade on this assignment. Can someone who is 100% sure they know what they are doing help me please? No photos/handwritten because I can't see them thanks
Return to question 1 Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at a cost of $109,000. The machine's estimated useful life at the time of the purchase was five years, and its residual value was $9,000. The company reports on a calendar year basis. Required: a-1. Prepare a complete depreciation schedule, beginning with the current year, using the straight-line method. (Assume that the half- year convention is used). a-2. Prepare a complete depreciation schedule, beginning with the current year, using the 200 percent declining-balance method (Assume that the half-year convention is used). a-3. Prepare a complete depreciation schedule, beginning with the current year, using the 150 percent declining-balance, switching to straight-line when that maximizes the expense. (Assume that the half-year convention is used) b. Which of the three methods computed in part a is most common for financial reporting purposes? c. Assume that Swanson & Hiller sells the machine on December 31 of the fourth year for $29,000 cash. Compute the resulting gain or loss from this sale under each of the depreciation methods used in part a. 10 points
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