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Harris Company recently purchased new equipment. The equipment cost $100,000 and has an estimated useful life of either 5 years or 5,000 hours of operation. The salvage value is estimated to be $500.
Required:
Question 1: Assume the company has decided to use the straight-line method of depreciation. Record the journal entry for the first year of depreciation.
Question 2: Assume the company has decided to use the units-of-production method of depreciation. Record the journal entry for the first year of depreciation assuming the equipment was used for 190 hours of operation.
Question 3: Assume the company has decided to use the double-declining balance method of depreciation. Record the journal entry for the first year of depreciation.
To prepare for this Assignment, review the draft business Problem Statement you wrote in DDBA 8161, as well as the reference materials provided in this week's.
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