Reference no: EM132958053
Question -
Q1. On January 1, 2015, Canden Company started to make annual deposits in order to accumulate $1,500,000 by January 1, 2019. This fund will earn annual interest of 8%.
What are the four annual deposits that Canden should make at the beginning of each year. Round your answers to the nearest whole dollar.
Q2. The Milton Company takes a full year's depreciation expense in the year of an asset's acquisition, and no depreciation expense in the year of disposition. Data relating to one of Milton's depreciable assets at December 31, 2017, are as follows:
Acquisition year 2013
Cost $110,000
Residual value 11,000
Accumulated depreciation 83,897
Estimated useful life 8 years
Using the same depreciation method as used in 2013, 2014, 2015, 2016 and 2017, how much depreciation expense should Milton record in 2018 for this asset.
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