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Question - Sheffield Corp. purchased a boardroom table for $16,000. The company planned to keep it for four years, after which it was expected to be sold for $1,000.
Calculate the depreciation expense for each of the first three years under the straight-line method and the double-diminishing-balance method, assuming the table was purchased early in the first month of the first year.
(1) Straight-line method.
(2) Double-diminishing-balance method.
Make the adjusting entries for company ABC at reporting date. Salaries earned by the employees Rs.1900 for the month of December.
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