Prepare separate depreciation schedules for the machinery

Reference no: EM131830628

Question: Megan Corporation purchased machinery on January 1, 2017, at a cost of $250,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,000. The company is considering different depreciation methods that could be used for financial reporting purposes.

Instructions: (a) Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. (Round to the nearest dollar.)

(b) Which method would result in the higher reported 2017 income? In the highest total reported income over the 4-year period?

(c) Which method would result in the lower reported 2017 income? In the lowest total reported income over the 4-year period?

Reference no: EM131830628

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