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Question - Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $40,000. The machine has an estimated life of five years and an estimated salvage value of $6,700.
Required -
1. Calculate the depreciation expense for each year of the asset's life using:
-Straight-line depreciation.
-Double-declining-balance depreciation.
2. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of its first year of life.)
3. Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method.
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