Question
[The following information applies to the questions displayed below.] Exact Photo Service purchased a new color printer at the beginning of 2018 for $42,400. The
[The following information applies to the questions displayed below.]
Exact Photo Service purchased a new color printer at the beginning of 2018 for $42,400. The printer is expected to have a four-year useful life and a $1,696 salvage value. The expected print production is estimated at 1,500,000 pages. Actual print production for the four years was as follows:
2018 | 547,700 |
2019 | 483,400 |
2020 | 377,200 |
2021 | 389,400 |
Total | 1,797,700 |
The printer was sold at the end of 2021 for $2,096.
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Compute the depreciation expense for each of the four years, using double-declining-balance depreciation. (Do not round your intermediate calculations. Round final answers to the nearest whole dollar amount. Leave no cells blank - be certain to enter "0" wherever required.)
b.Compute the depreciation expense for each of the four years, using units-of-production depreciation
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Calculate the amount of gain or loss from the sale of the asset under each of the depreciation methods. (Amounts to be deducted should be indicated with minus sign.
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