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Question - On January 3, 2020, Xenex Innovations purchased computer equipment for $127,000. The equipment will be used in research and development activities for five years or a total of 10,000 hours and then sold for about $17,000.
Assume actual usage in hours of:
2020
2021
2022
2023
2024
1,400
1,790
2,500
4,350
2,800
Required -
1. Calculate depreciation expense and book values for each year of the equipment's life for each method of depreciation using the table provided below. Xenex's year-end is December 31.
Analysis Component: Which method will result in the greatest:
a. Total assets being reported on the balance sheet in 2020? in 2023?
b. Operating expenses being reported on the income statement in 2020? in 2023?
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