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More info On January 3, 2018, Rojo Enterprises, Inc., paid $284,000 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $300 for transportation charges, $1,100 for insurance for the equipment while in transit , $11,600 sales tax, and $3,000 for a special platform on which to place the equipment in the plant. Management of Rojo Enterprises, Inc., estimates that the equipment will remain in service for five years and have a residual value of $25,000. The equipment will produce 65,000 units the first year, with annual production decreasing by 5,000 units during each of the next four years (.e., 60,000 units in year 2:55,000 units in year 3; and so on, for a total of 275,000 units). In trying to decide which depreciation method to use, Rojo Enterprises, Inc., requested a depreciation schedule for each of the three depreciation methods (straight-line, units of production, and double-declining balance). 1 Requirements 1. For each depreciation method, prepare a depreciation schedule showing asset cost, depreciation expense, accumulated depreciation, and asset book value for each year of the asset's life. For the units of production method, round depreciation per unit to three decimal places. 2. Rojo Enterprises, Inc., prepares financial statements using the depreciation method that reports the highest Income in the early years of asset use. For income tax purposes, the company uses the depreciation method that minimizes income taxes in the early years. Consider the first year Rojo Enterprises, Inc., uses the equipment. Identify the depreciation methods that meet Rojo Enterprises' objectives, assuming the income tax authorities permit the use of any method. 3. Show how Rojo Enterprises, Inc., would report equipment on the December 31, 2018, balance sheet for each depreciation method. 3 Requirement 1. For each depreciation method, prepare a depreciation schedule showing asset cost, depreciation expense, accumulated depreciation and asset book value for each year of the asset's life. For the units of production method, round depreciation per unit to three decimal places Before completing the straight-line depreciation schedule, calculate the straight-line depreciation rate One year Useful life 5 (SL) Depreciation rate 1/5 1 Complete the Straight-Line Depreciation Schedule. Begin by filling out the schedule through 2019, and then complete the schedule by entering the amounts through 2022 Asset Straight-Line Depreciation Schedule Depreciation Depreciable Depreciation Accumulated Rate Cost Expense Depreciation Book Value 207000 Date Asset Cost January 3, 2018 297000 December 31, 2018 December 31, 2019 1/5 275000 1/5 275000