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On April 22, 2023, Pharoah Enterprises purchased equipment for $134,700. The company expects to use the equipment for 12000 working hours during its four-year life
On April 22, 2023, Pharoah Enterprises purchased equipment for $134,700. The company expects to use the equipment for 12000 working hours during its four-year life and that it wili have a residual value of $13,500. Pharoah has a December 31 year end and prorates depreciation to the nearest month. The actual machine usage was: 1,600 hours in 2023;2,900 hours in 2024; 3,600 hours in 2025: 3.000 hours in 2026; and 1,100 hours in 2027. Prepare a depreciation schedule for the life of the asset under the straight-line method (Round partial-period depreciation rate fo 4 decimal polces, ey. 15.2563\% and other answers to 0 decinal ploces, es. 5.276
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