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Sheffield Company purchased a new plant asset on April 1, 2020, at a cost of $ 762,000. It was estimated to have a service life
Sheffield Company purchased a new plant asset on April 1, 2020, at a cost of $ 762,000. It was estimated to have a service life of 20 years and a salvage value of $ 64,800. Sheffield' accounting period is the calendar year. (a) Compute the depreciation for this asset for 2020 and 2021 using the sum-of-the-years'-digits method. (Round answers to 0 decimal places, e.g. 45,892.) Depreciation for 2020 $ Depreciation for 2021 $
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