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Please provide detailed solution and explanation, thank you!! On April 22, 2020, Cullumber Enterprises purchased equipment for $130,300. The company expects to use the equipment

Please provide detailed solution and explanation, thank you!!

On April 22, 2020, Cullumber Enterprises purchased equipment for $130,300. The company expects to use the equipment for 11,500 working hours during its 4-year life and that it will have a residual value of $13,000. Cullumber has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1,500 hours in 2020; 2,500 hours in 2021; 4,000 hours in 2022; 2,600 hours in 2023; and 1,100 hours in 2024.

Calculate depreciation expense for the life of the asset under straight-line method. (Round answers to 0 decimal places, e.g. 5,276.)

Depreciation Expense
2020 $
2021 $
2022 $
2023 $
2024 $

Calculate depreciation expense for the life of the asset under double diminishing-balance method. (Round answers to 0 decimal places, e.g. 5,276.)

Depreciation Expense
2020 $
2021 $
2022 $
2023 $

Calculate a depreciation expense for the life of the asset under units-of-production method. (Round unit rate to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 5,276.)

Depreciation Expense
2020 $
2021 $
2022 $
2023 $
2024 $

Which method results in the lowest profit over the life of the asset?

Which method results in the least cash used for depreciation over the life of the asset

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