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Novak Company purchased a new plant asset on April 1, 2020, at a cost of $786,000. It was estimated to have a service life of
Novak Company purchased a new plant asset on April 1, 2020, at a cost of $786,000. It was estimated to have a service life of 20 years and a salvage value of $67,800. Novak accounting period is the calendar year.
(a)
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Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.)
Depreciation for 2020 | $enter a dollar amount | |
---|---|---|
Depreciation for 2021 | $enter a dollar amount |
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