On January $4,20$X$1,$ Columbus Company purchased new equipment for $$590,000$ that had a useful life of four years and a salvage value of $$58,000.$

Required:

Prepare a schedule showing the annual depreciation and end$-$of$-$year accumulated depreciation for the first three years of the asset$$s life under the straight$-$line method, the sum$-$of$-$the$-$years$-$digits method, and the double$-$declining$-$balance method.

Analyze:

If the sum$-$of$-$the$-$years$-$digits method is used to compute depreciation, what would be the book value of the asset at the end of $20$X$2?$