Question
Question: Pass journal entry for depreciation expense in each of 4 questions below 1. on January 1, 2017, crossfire acquired sound equipment for concert performances
Question: Pass journal entry for depreciation expense in each of 4 questions below
1. on January 1, 2017, crossfire acquired sound equipment for concert performances at a cost of $55,900. The rock band estimated that it would use this equipment for four years, and then sell the equipment for $1900. Calculate depreciation for each year of the sound equipment's estimated life using the straight-line method. Crossfires year end is December 31
2. A specialty greeting card company purchased your photocopier costing $45,000 on January 1, 2017. The equipment is expected to produce a total of 4,000,000 copies over its productive life. Its residual value at the end of its useful life is estimated to be $5000. The equipment actually produced- Fiscal year copies produced 2017 650,000 2018 798,000 2019 424,000 2020 935,000 2021 1,193,000 calculate depreciation from 2017 to 2020 using the units of production method. The year end is December 31
3. Calculate depreciation using double declining method Patty pies acquired a delivery truck on January 1, 2017, for $86,000. It is expected to last five years and then sell for about $16,000 full stamp calculate depreciation for each year of the truck's life using double declining balance method if the year- end is December 31
4. Dekle energy purchased a transport truck on January 1, 2017, for $238,400 cash. Its estimated useful life is five years or 240,000 kilometers with an estimated residual value of $46,400. Calculate depreciation expense for the year ended December 31, 2017, using each of the three methods.
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