Solution-Calculate the depreciation expense for each year

Calculate the depreciation expense for each year

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Reference no: EM13538508

Freedom Co. purchased a new machine on July 2, 2010, at a total installed cost of $44,000. The machine has an estimated life of five years and an estimated salvage value of $6,000.

Required:

a. Calculate the depreciation expense for each year of the asset's life using:

1. Straight-line depreciation.

2. Double-declining-balance depreciation.

3. 150% declining-balance depreciation.

b. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2010, under each of the three methods?

c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2011, under each of the three methods.

Reference no: EM13538508

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Calculate the depreciation expense for each year

Reference no: EM13538508

Reference no: EM13538508

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