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please help me answer this question Novak Company purchases equipment on January 1, Year 1, at a cost of $618,000. The asset is expected to
please help me answer this question
Novak Company purchases equipment on January 1, Year 1, at a cost of $618,000. The asset is expected to have a service life of 12 years and a salvage value of $55,620. (a) Your answer is correct. Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method. (Round answers to O decimal ploces, eg 5,125.) Depreciation for Year 1 \$ Depreciation for Year 2 \$ Depreciation for Year 3 Your answer is correct. Compute the amount of depreciation for each of Years 1 through 3 using the sum-of-the-years-digits method. Depreciation for Year 1 Depreciation for Year 2 Depreciation for Year 3 Compute the amount of depreciation for each of Years 1 through 3 using the double-declining-balance method. (Round depreciation rate to 2 decimal places, es. 15.84% and final answers to 0 decimal ploces, es. 45,892) Depreciation for Year 1 Depreciation for Year 2$ Depreciation for Year 3 Step by Step Solution
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