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Calculate depreciation using straight line method for year

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Reference no: EM133061999

Question - Red Brick Company purchased a front-end loader and tractor for $82,000 on April 1 of year 1. The tractor has an estimated useful life of six years or 25,800 hours and a residual value of $2,000. Listed in the chart below is the number of hours the tractor and front-end loader were used during year 1 through 7.

Year

# of hours used

1

3,990

2

4,270

3

3,990

4

4,150

5

4,245

6

4,075

7

1,080

Required -

a) Calculate depreciation using the straight line method for years 1 through 7.

b) Calculate depreciation using units of production method for years 1 through 7.

c) Calculate depreciation using declining balance method for years 1 through 7.

Reference no: EM133061999

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