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need help with the required section please VER 11 Checkmy Freedom Co. purchased a new machine on July 2. 2019, at a total installed cost
need help with the required section please
VER 11 Checkmy Freedom Co. purchased a new machine on July 2. 2019, at a total installed cost of $132.000. The machine has an estimated We of live years and an estimated salvage value of $18,000. Required: a. Calculate the depreciation expense for each year of the assets life using 1 Straight-line depreciation. 2. Double-declining balance depreciation b. How much depreciation expense should be recorded by Freedom Co for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one half of its first year of life) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method Complete this question by entering your answers in the tabs below. Required Required A2 Required Required Calculate the depreciation expense for each year of the asset's life using Straight-line depreciation, Depreciation Expense Year 1 2 3 4 5 Regred A 11 Freedom Co purchased a new machine on July 2, 2019, at a total installed cost of $132.000 The machine has an estimated ife of five years and an estimated salvage value of $18,000 Required: a. Calculate the depreciation expense for each year of the asset's Me using: 1. Straight-line depreciation. 2. Double-declining-balance depreciation b. How much depreciation expense should be recorded by Freedom Co, for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of its first year of life) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method. Complete this question by entering your answers in the tabs below. Required A1 Required AZ Required Required 19, und How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, each method (Note: The machine will have been used for one-half of its first year of life.) Depreciation Expense Straight-line Double declining balance Step by Step Solution
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