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How much depreciation expense is recognized

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Question - Myers Inc. purchases a piece of equipment. At the date of purchase, the equipment had the following characteristics:

Cost 800,000

Estimated useful life 8

Estimated salvage value 20,000

Productive life in hours 10,500

a) Assume the equipment was purchased on January 1, 2014 and the firm used double declining balance for depreciation. How much depreciation expense is recognized during 2015?

b) Assume the equipment was purchased on July 1, 2014 and the firm used the straight line method of depreciation. How much depreciation expense is recognized during 2014 assuming a 12/31/14 fiscal year end?

Reference no: EM133028194

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