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Compute appropriate amount of depreciation for fiscal year

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Question - A plant asset was purchased for $280,000 on Oct 1, 2020 and has an estimated life of 9 years and a residual value of $10,000. The company uses the sum of the years digit approach. Hint: Note the date it was purchased.

Required -

PART A: Compute the appropriate amount of depreciation for fiscal year 2020.

PART B: Compute the appropriate amount of depreciation for fiscal year 2021.

Reference no: EM132740566

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