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Question - Sherwin company purchased a new machine on Feb 1, 2014 for $110,000. Sherwin also paid $4,000 in shipping/installation costs and $1,000 in sales tax. The machine was estimated to have a life of 4 years and a salvage value of $15,000. the company has adopted a fractional year convention where a full years depreciation is taken if an asset is used for at least half a year and no depreciation is taken in the year that an asset is used for less than half a year. the company has a calendar fiscal year. the machine did end up lasting exactly four years and was sold for the amount of the salvage value.
Objectives:
1. Compute depreciation expense for the years 2014-2019 and the total depreciation under each of the following methods: straight line, sum of years digits, and double declining balance method.
2. Assume the same information; also assume that only the SL method is used. At the beginning of 2015, it is determined that the machine will last longer than initially thought, a total of 5 years instead of 4 years. However the salvage value will remain the same. How much depreciation expense should be recorded in 2015?
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