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Question - On January 1st 2020 ABC Corp purchased a piece of equipment used in the manufacturing of the products they sell. The equipment was purchased for $195,000 with no residual value it is expected to last 5 full years. On January 1st 2022 it is estimated the equipment will last another four years although its residual value will continue to be zero. Audited annual ?nancial statements are prepared every December 31st.
Required -
1: What depreciation expense will ABC Corp record in year 2021 when using the straight line method?
2: What depreciation expense will ABC Corp record in year 2022 when using the straight line method?
3: What depreciation expense will ABC Corp record in year 2021 when using the declining balance method?
4: What depreciation expense will ABC Corp record in year 2022 when using the declining balance method?
5: What depreciation expense will ABC Corp record in year 2021 when using the double declining balance method?
6: What depreciation expense will ABC Corp record in year 2022 when using the double declining balance method?
Show the change in Retained Earnings for the 2most recent years. What was net income for each year? How much was paid out in dividends each year?
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