On July 1, 2020, Bridgeport Company purchased for $3,420,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $142,500. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years-digits method. double-declining balance method. 2 2020 2021 Sum-of-the-Years-Digits Method Equipment $3,420,000 $3,420,000 Less: Accumulated Depreciation 570000 1596000 Year-End Book Value 2850000 1824000 Depreciation Expense for the Year 570000 1026000 Double-Declining Balance Method Equipment $3,420,000 $3,420,000 Less: Accumulated Depreciation $ 684000 1778400 Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years-digits method. double-declining balance method. 2. 2020 2021 Sum-of-the-Years'-Digits Method Equipment $3,420,000 $3,420,000 Less: Accumulated Depreciation 570000 1598000 Year-End Book Value 2850000 1824000 Depreciation Expense for the Year 570000 1026000 Double-Declining Balance Method Equipment tess: Accumulated Depreciation $3,420,000 $3,420,000 684000 $ 1778400 Year-End Book Value 2736000 1641600 684000 Depreciation Expense for the Year 1094400 Assume the company had used straight-line depreciation during 2020 and 2021. During 2022, the company determined that the equipment would be useful to the company for only one more year beyond 2022. Salvage value is estimated at $190,000 Compute the amount of depreciation expense for the 2022 income statement $ Depreciation expense 888250 Assume the company had used straight-line depreciation during 2020 and 2021. During 2022, the company determined that the equipment would be useful to the company for only one more year beyond 2022. Solvage value is estimated at $190,000 What is the depreciation base of this asset? Depreciation base $ 684000 On July 1, 2020, Bridgeport Company purchased for $3,420,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $142,500. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years-digits method. double-declining balance method. 2 2020 2021 Sum-of-the-Years-Digits Method Equipment $3,420,000 $3,420,000 Less: Accumulated Depreciation 570000 1596000 Year-End Book Value 2850000 1824000 Depreciation Expense for the Year 570000 1026000 Double-Declining Balance Method Equipment $3,420,000 $3,420,000 Less: Accumulated Depreciation $ 684000 1778400 Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years-digits method. double-declining balance method. 2. 2020 2021 Sum-of-the-Years'-Digits Method Equipment $3,420,000 $3,420,000 Less: Accumulated Depreciation 570000 1598000 Year-End Book Value 2850000 1824000 Depreciation Expense for the Year 570000 1026000 Double-Declining Balance Method Equipment tess: Accumulated Depreciation $3,420,000 $3,420,000 684000 $ 1778400 Year-End Book Value 2736000 1641600 684000 Depreciation Expense for the Year 1094400 Assume the company had used straight-line depreciation during 2020 and 2021. During 2022, the company determined that the equipment would be useful to the company for only one more year beyond 2022. Salvage value is estimated at $190,000 Compute the amount of depreciation expense for the 2022 income statement $ Depreciation expense 888250 Assume the company had used straight-line depreciation during 2020 and 2021. During 2022, the company determined that the equipment would be useful to the company for only one more year beyond 2022. Solvage value is estimated at $190,000 What is the depreciation base of this asset? Depreciation base $ 684000
