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On January 1, 2021, Canseco Plumbing Fixtures purchased equipment for $42,000. Residual value at the end of an estimated four-year service life is expected to
On January 1, 2021, Canseco Plumbing Fixtures purchased equipment for $42,000. Residual value at the end of an estimated four-year service life is expected to be $8,000. The company expects the equipment to operate for 10,000 hours. The equipment operated for 2,800 and 3,600 hours in 2021 and 2022, respectively. Required: a. Calculate depreciation expense for 2021 and 2022 using straight line method. b. Calculate depreciation expense for 2021 and 2022 using double-declining balance method. c. Calculate depreciation expense for 2021 and 2022 using units-of-production using hours operated. Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate depreciation expense for 2021 and 2022 using straight line method. Straight-Line Depreciation Choose Numerator: Choose Denominator: Annual Depreciation Expense Depreciation Expense Depreciation Expense 2021 2022 Required A Required B
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