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Perdue Company purchased equipment on October 1 for $50,860. The equipment was expected to have a useful life of three years, or 7,000 operating hours, and a residual value of $1,860. The equipment was used for 1,300 hours during Year 1, 2,500 hours in Year 2, 2,100 hours in Year 3, and 1,100 hours in Year 4.
Required:
Problem 1: Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the straight-line method, (b) the units-of-activity method, and (c) the double-declining-balance method.
Make the manufacturing account for the year ended 31 December 2019. Clearly label the prime cost and cost of production.
Andrew Bogut just received a signing bonus of $1,000,000. His plan is to invest this payment in a fund that will earn 8%, compounded annually. (Use the tables below.) If Bogut plans to establish the AB Foundation once the fund grows to $1,999,000, ho..
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