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The Fluffy Laundromat purchased new washing machines and dryers for $70,000. The machines are expected to last 4 years and have a residual value of
The Fluffy Laundromat purchased new washing machines and dryers for $70,000. The machines are expected to last 4 years and have a residual value of $12,000. Prepare a depreciation schedule by using the 150% declining-balance method. Please answer the incorrect boxes
End of Year | Annual Depreciation | Accumulated Depreciation | Book Value |
1 | $Correct | $Correct | $Correct |
2 | $Incorrect | $Incorrect | $Incorrect |
3 | $Incorrect | $Incorrect | $Incorrect |
4 | $Incorrect | $Correct | $12,000 |
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