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please help with 5&7! Use the following to answer the question(s) 5,6 , and 7 below: On January 1, 2021, Morrow Inc, purchased a spooler
please help with 5&7!
Use the following to answer the question(s) 5,6 , and 7 below: On January 1, 2021, Morrow Inc, purchased a spooler at a cost of $40,000. The equipment is expected to last eight years and have a residual value of $4,000. During its eight-year life, the equipment is expected to produce 250,000 units of product. In 2021 and 2022,42,000 and 76,000 units, respectively, were produced. 5) Required: Compute depreciation for 2021 and 2022 and the book value of the spooler at December 31,2021 and December 31,2022 , assuming the straight-line method is used. BodsvalueDepreciation 2021 Compute depreciation for 2021 and 2022 and the book value of the spooler at December 31,2021 6) Required: and December 31,2022 , assuming the double-declining-balance method is used. 2021 Boole value =30,000 2022 Bode value =22,500 7) Required: Compute depreciation for 2021 and 2022 and the book value of the spooler at December 31, 202 and December 31,2022 , assuming the units-of-production method is used Step by Step Solution
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