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On January 2, 2013, Chow Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $56,000
On January 2, 2013, Chow Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $56,000 with a residual value of $4,200. Chow adopts the cost model as its accounting policy in subsequently measuring its property, plant, and equipment. a-1 Prepare a complete depreciation table under the straight-line method. Assume that a full year of depreciation was taken in 2013. (Omit the "$" sign in your response.) Depreciation Year Expense 2013 $ Accumulated Depreciation Book Value $ $ 2014 2015 2016 2017 a-2 Prepare a complete depreciation table under the 200 percent declining-balance method. Assume that a full year of depreciation was taken in 2013. (Omit the "$" sign in your response.) Depreciation Year Expense 2013 $ Accumulated Depreciation $ Book Value $ 2014 2015 2016 2017 a-3 Prepare a complete depreciation table under the 150 percent declining-balance with a switch to straight-line when it will maximize depreciation expense. Assume that a full year of depreciation was taken in 2013. (Omit the "S" sign in your response.) Accumulated Depreciation $ Depreciation Year Expense 2013 $ 2014 Book Value $ 2015 2016 2017
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