Reference no: EM133079318
Questions -
Q1. Vaughn Company purchases equipment on January 1, Year 1, at a cost of $558,000. The asset is expected to have a service life of 12 years and a salvage value of $50,220.
Part 1: Compute the amount of depreciation for each of Years 1 through 3 using the straight-line depreciation method.
Part 2: Compute the amount of depreciation for each of Years 1 through 3 using the sum-of-the-years'-digits method.
Part 3: Compute the amount of depreciation for each of Years 1 through 3 using the double-declining-balance method.
Q2. Crane Company purchased equipment for $192,000 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,000. Estimated production is 36,000 units and estimated working hours are 20,000. During 2020, Crane uses the equipment for 500 hours and the equipment produces 1,000 units.
Compute depreciation expense under each of the following methods. Crane is on a calendar-year basis ending December 31.
A. Straight-line method for 2020: $
B. Activity method (units for output) for 2020: $
C. Activity method (working hours) for 2020: $
D. Sum-of-the-years'-digits method for 2022: $
E. Double-declining-balance method for 2021: $
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