Calculate depreciation expense for 2021

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Reference no: EM133494891

Case: KaiaCo signed an agreement on January 1, 2021 for leased equipment under a 3-year lease with payments of $8,000 on January 1, 2021, 2022, and 2023. The present value of the lease payments at a discount rate of 7% is $20,992. She uses straight-line depreciation with no salvage value. The lease is considered a Finance lease. Round your answers to the nearest dollar, and do NOT enter dollar signs or punctuation. For example, enter $5,500 as 5500.

Question 1. Calculate depreciation expense for 2021.

Question 2. Calculate interest expense for 2021.

Reference no: EM133494891

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