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Question - Blossom Company purchases equipment on January 1, Year 1, at a cost of $250,000. The asset is expected to have a service life of 6 years and a salvage value of $20,000.
Required -
1. Compute the amount of depreciation for each of Years 1 and 2 using the straight-line depreciation method.
2. Compute the amount of depreciation for each of Years 1 and 2 using the sum-of-the-years'-digits method.
3. Compute the amount of depreciation for each of Years 1 and 2 using the double-declining-balance method.
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