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On April 22, 2023, Sheridan Enterprises purchased equipment for $136,400. The company expects to use the equipment for 12,000 working hours during its four-year life
On April 22, 2023, Sheridan Enterprises purchased equipment for $136,400. The company expects to use the equipment for 12,000 working hours during its four-year life and that it will have a residual value of $14,000. Sheridan 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; 3,700 hours in 2025;2,900 hours in 2026; and 1,100 hours in 2027. Prepare a depreciation schedule for the life of the asset under the double diminishing-balance method. (Round partial-period depreciation rate to 4 decimal palces, e.g. 15.2563% and other answers to 0 decimal places, e.g. 5,276.)
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