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Calculate depreciation expense using straight line method

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Question - On January 1, 2021, Canseco Plumbing Fixtures purchased equipment for $48,000. Residual value at the end of an estimated four-year service life is expected to be $6,000. The company expects the equipment to operate for 12,000 hours. The equipment operated for 3,100 and 3,900 hours in 2021 and 2022, respectively.

Required -

a. Calculate depreciation expense for 2021 and 2022 using straight line method.

b. Calculate depreciation expense for 2021 and 2022 using double-declining balance method.

c. Calculate depreciation expense for 2021 and 2022 using units-of-production using hours operated.

Reference no: EM132482813

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