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please show work! (if cant do all three, please do 5&7) Sse the following to answer the question(s) 5,6 , and 7 below: On January
please show work! (if cant do all three, please do 5&7)
Sse the following to answer the question(s) 5,6 , and 7 below: On January 1, 2021, Mortow Ine, purchased a spooler at a cost of $40.000. The equipment is expected to last. ight years and have a residual value of $4,000. During its eight-year life, the equipment is expeeted to produce 50,000 units of product. In 2021 and 2022,42,000 and 76,000 units, respectively, were produced. Compute depreciation for 2021 and 2022 and the book value of the spooler at December 31,2021 5) Required: and December 31,2022 , assuming the straight-line method is used. 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. Compute depreciation for 2021 and 2022 and the book value of the spooler at December 31, 2021 7) Required: and December 31,2022 , assuming the units-of-production method is used Step by Step Solution
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