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Assume the following information in regard to a depreciable asset.
Cost $660,000
Salvage Value $20,000
Question A.) Calculate the yearly depreciation under the straight-line method, assuming a useful life of 10 years.
Complete the journal entry to record yearly depreciation (Account title, debit & credit)
Question B.) Calculate the yearly depreciation under the units-of-production method, assuming useful life of 10,000 units, and 500 units produced in the current year.
Complete the journal entry to record yearly depreciation. (Account title, debit & credit)
Question C.) Calculate the yearly depreciation under the double-declining balance method.
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