Question
On April 30, 2009, Tilton Products purchased machinery for $100,000. The useful life of this machinery is estimated at 8 years, with an $5,000 residual
On April 30, 2009, Tilton Products purchased machinery for $100,000. The useful life of this machinery is estimated at 8 years, with an $5,000 residual value.
1. Assume that in its financial statements, Tilton Products uses straight-line depreciation and the half-year convention. Depreciation expense recognized on this machinery in 2009 and 2010 are?
2. Assume that in its financial statements, Tilton Products uses the 200%-declining-balance method and the half-year convention. Depreciation expense in 2009 and 2010 will be ?
Please give clear steps also.
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