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Thomas, Inc bought an equipment on January 1st, 2020, for $30,000. The equipment was expected to remain in service four years (14,000 hours). At the
Thomas, Inc bought an equipment on January 1st, 2020, for $30,000. The equipment was expected to remain in service four years (14,000 hours). At the end of its useful life, the company estimated that the equipment's residual value would be $2,000. The equipment functioned 6,000 hours the first year, 4,000 hours the second year, 3,000 hours the third year, and 1,000 hours the fourth year. Required: Prepare a schedule of depreciation expense per year for the equipment under the three depreciation methods (the straight-line, the double-declining-balance and the units of production)
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