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Problem - At the beginning of 2017, your company buys a $34,400 piece of equipment that it expects to use for 4 years. The equipment has an estimated residual value of 4.000. The company expects to produce a total of 200,000 units. Actual production is as follows: 49,000 units in 2017, 50,000 units in 2018, 54,000 units in 2019, and 47,000 units in 2020.
Required -
a. Determine the depreciable cost.
b. Calculate the depreciation expense per year under the straight-line method.
c. Use the straight-line method to prepare a depreciation schedule.
d. Calculate the depreciation rate per unit under the units-of-production method.
e. Use the units-of-production method to prepare a depreciation schedule.
Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000 respectively. Income Summary has a credit balance of $30,000. What is Tomas' capital balance after closing Income Summary to Capita..
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