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Wildhorse Company acquires equipment at a cost of $38,500 on January 3, 2021. Management estimates the equipment will have a residual value of $5,500 at the end of its 4-year useful life. Assume that the company uses the diminishing-balance method and that the diminishing-balance depreciation rate is double the straight-line rate.
Question 1: Calculate the depreciation expense for each year of the equipment's life. (Do not leave any answer field blank. Enter 0 for amounts.)
Depreciation - 2021$
enter a dollar amount
Depreciation - 2022$
Depreciation - 2023$
Depreciation - 2024$
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