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Northeastern Illinois University Spring 2017 ACTG 321 Assigned HW 6: Depreciation Due date: 4/19 (Wed.) in the beginning of class Name This homework accounts for five points, No points will be given if the assignment is past due or incomplete, no work is provided, answers are not specified, or most work is incorrect Points will be deducted if any of your work or answers is correct Instructions: Using the sum-of-the-years'-digit and double-declining balance depreciation methods compute the depreciation expense for years 2016 and 2017, and the book value of the machine at the end of 2017 for each of the following two independent cases. Please show. your work briefly and have your final answers summarized in the tables. Round the final answers in the tables to the nearest dollar when needed a. Todd Co. acquired a machine on Jan. 1, 2016, at a cost of $58,000. The machine has an estimated salvage value of $9,000 at the end of its 7-year useful life. The depreciation adjustment is done at the end of every calendar year. Depreciation expense Depreciation expense Book value as of Depreciation method for 2016 for 2017 Dec. 31, 2017 Sum-of-the-years' digits Double declining balance b. Edison Co. acquired a equipment on April 1, 2016, at a cost of $58,000. The machine has an estimated salvage value of $9,000 at the end of its 7-year useful life. The depreciation adjustment is done at the end of every calendar year Depreciation expense Depreciation expense Book value as o Depreciation method for 2016 for 2017 Dec. 31, 20 Sum-of-the-years-digits Double declining balance