Question
Required information Problem 7-5B Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] Cheetah Copy purchased a new copy
Required information
Problem 7-5B Determine depreciation under three methods (LO7-4)
[The following information applies to the questions displayed below.]
Cheetah Copy purchased a new copy machine. The new machine cost $134,000 including installation. The company estimates the equipment will have a residual value of $33,500. Cheetah Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows:
Year | Hours Used |
1 | 2,800 |
2 | 2,000 |
3 | 2,000 |
4 | 3,200 |
Problem 7-5B Part 1
Required:
1. Prepare a depreciation schedule for four years using the straight-line method. (Do not round your intermediate calculations.)
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