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On January 1, 2021, Canseco Plumbing Fixtures purchased equipment for $36,000. 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 $36,000. Residual value at the end of an estimated four-year service life is expected to be $6,000. The company expects the equipment to operate for 20,000 hours. The equipment operated for 2,500 and 3,300 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. Choose Numerator: Cost minus Salvage Straight Line Depreciation Choose Denominator: Estimated Useful Life (years) Annual Depreciation Expense Depreciation Expense 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 2021 2022 Choose Numerator: Choose Denominator: Annual Depreciation Expense Cost minus Salvage Estimated Useful Life (years) Depreciation Expense Depreciation Expense Required B > 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 double-declining balance method. Depreciation for the Period End of Period Beginning of Period Depreciation Rate Depreciation Accumulated Annual Period Book Value Book Value Expense Depreciation 2021 % 05 0 2022 % $ 0 $ 0 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 units-of-production using hours operated. (Round "Depreciation per machine hour" answers to 2 decimal places.) Select formula for Units of Production Depreciation: (Cost-Salvage)/Total units of production Calculate 2021 depreciation expense Depreciation per machine hour Machine hours in 2021 Depreciation in 2021 Calculate 2022 depreciation expense Depreciation per machine hour Machine hours in 2022 Depreciation in 2022
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