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Wisteria Corporation purchased equipment on January 5, 20X3. The equipment was expected to have a useful life of three years, or 24,000 operating hours, and
Wisteria Corporation purchased equipment on January 5, 20X3. The equipment was expected to have a useful life of three years, or 24,000 operating hours, and a residual value of S10,000. The cost of the equipment was $560,000 and was used for 6,500 hours during 20X3, 12,000 hours during 20X4, and 5,500 hours during 20X5. REQUIRED: Calculate the amount of depreciation expense for the years ended December 31 Round all 20x3, 20x4, and 20X5 using the following depreciation methods. answers to the nearest whole dollar. (1) Straight line. (2) Units of production. (3) 150% declining balance
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