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Compute depreciation to the nearest dollar for year ended

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Question - Dordine Company acquired equipment on March 1, 2020, at a cash cost of $1,000,000. Transportation charges amounted to $12,000, installation cost was $40,000, testing costs were $30,000, and the payment of a fine for not getting the proper permit for moving the equipment was $1,000.

The equipment was estimated to have a useful life of 12 years and a salvage value of $60,000 at the end of its life. It was further estimated that the equipment would be used in the production of $364,000 units of product during its life. During the 2020 year, 40,000 units of product were produced. 

Required: Compute the depreciation to the nearest dollar for the year ended December 31, 2020, using the following methods:

Straight-line method

Units-of-production method

Sum-of-the-years-digits method

Double-declining balance method

Reference no: EM132429541

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