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Problem 1: On January 2, 2003 Micro Circuit Company acquired new machinery at the cost of $570,000. The useful life of the machinery was estimated at 5 years, with a residual value $48,000.
Required:
Compute the annual depreciation expense throughout the 5-year life of this machinery under the each of the following depreciation methods. As the machinery was acquired early January, one full year's depreciation will be taken in each year.
a) Straight-line
b) Sum of the year's digits
c) Double-declining-balance. (Limit depreciation in the fifth year to an amount that will cause the book value of the machinery at year end to equal estimated residual value.) Marks (6)
Problem 2: Use the above data question 1 (a) MACRS accelerated rate for "20-year property"
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