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Calculate depreciation under the straight-line method

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Question - On June 9, 2020, Sheridan Company purchased manufacturing equipment at a cost of $334,000. Sheridan estimated that the equipment will produce 580,000 units over its 5-year useful life, and have a residual value of $15,000. The company has a December 31 fiscal year end and has a policy of recording a half-year's depreciation in the year of acquisition.

Required -

1. Calculate depreciation under the straight-line method for 2020 and 2021.

2. Calculate the depreciation expense under the double diminishing-balance method for 2020 and 2021.

3. Calculate the depreciation expense under the units-of-production method, assuming the actual number of units produced was 70,600 in 2020 and 118,400 in 2021.

Reference no: EM133171871

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