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Waller Company purchased a new equipment on January 1, 20X1 for $10.5 million. The estimated useful life is five years and the residual value is $500,000.
Question a. Compute depreciation expense for year 20X1 and 20X2
Using straight line methodUsing double declining balance
Question b. If the equipment is expected to provide more benefits during the early years and less during the later years of its useful life, which of the two depreciation methods would be more consistent with the matching concept?
Question c. Assume that the company uses straight line deprecation method. It sells the equipment on January 1, 20X3 for $8m.
Record all transactions related to the equipment:
purchase on January 1, 20X1depreciation for 20X1 and for 20X2sale of equipment on January 1, 20X3
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