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please fill in all the blanks spots Current Attempt in Progress On December 27, 2018, Pharoah Windows purchased a piece of equipment for $108,000. The
please fill in all the blanks spots
Current Attempt in Progress On December 27, 2018, Pharoah Windows purchased a piece of equipment for $108,000. The estimated useful life of the equipment is either three years or 50,000 units, with a residual value of $12000. The company has a December 31 fiscal year end and normally uses straight line depreciation. Management is considering the merits of using the units-of-production or diminishing- balance method of depreciation instead of the straight-line method. The actual numbers of units produced by the equipment were 11.500 in 2019. 19.000 in 2020, and 18,500 in 2021 The equipment was sold on January 5, 2022 for $15,000. Your answer is partially correct. Calculate the depreciation for the equipment for 2019 to 2021 under 1. 2 3. the straight-line method the diminishing-balance method, using a 40%rate, and units-of-production Your answer is partially correct, Calculate the depreciation for the equipment for 2019 to 2021 under 1 2. 3. the straight-line method the diminishing-balance method, using a 40% rate, and units-of-production (Round depreciable amount per unit to 3 decimal places, eg 1.252 and the final answers to decimal places, eg. 126.) Straight-Line Depreciation Expense Diminishing-Balance $ 43200 Units-of-Production 2019 $ $ 2020 25920 2021 15552 Your answer is correct. Calculate the gain or loss on the sale of the equipment under each of the three methods. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (451) Gain (loss) on sale 3000 1 Straight-line $ gain 2 Diminishing balance $ 8328 loss 3. Unit-of-production $ 1080 Bain Your answer is incorrect Calculate the total depreciation expense plus the loss on sale for minus the gain on sale under each of the three depreciation methods Net Expense 1. Straight-line S 2. Diminishing-balance $ 3. Unit-of-production $ e Textbook and MediaStep by Step Solution
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