Answered step by step
Verified Expert Solution
Question
1 Approved Answer
straight line depreciation Crane Enterprises purchased equipment on March 15, 2021, for $69,040. The company also paid the following amounts: S480 for freight charges; $208
straight line depreciation
Crane Enterprises purchased equipment on March 15, 2021, for $69,040. The company also paid the following amounts: S480 for freight charges; $208 for insurance while the equipment was in transit: $1,767 for a one-year insurance policy: $2.005 to train employees to use the new equipment: and $2,752 for testing and installation. The company began to use the equipment on April 1. Crane has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipment's future economic benefits evenly over the useful life. The company has a December 31 year end. (a) (b) (c) Using the method chosen above; calcailate the depreciation on the equipment for 2021 , (hound aruwer to Q decimal pooses es 5.275.) Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started