2023 On April 29 2013 Quality Appliances purchased equipment for 260 000 The estimated service life | Assignments Online
2023 On April 29 2013 Quality Appliances purchased equipment for 260 000 The estimated service life | Assignments Online
Assignments Online 2023 Business Finance
On April 29, 2013, Quality Appliances purchased equipment for $260,000. The estimated service life of the equipment is six years and the estimated residual value is $20,000. Quality’s fiscal year ends on December 31.
Required:
Calculate depreciation for 2013 and 2014 using each of the three methods listed. Quality calculates partial year depreciation based on the number of months the asset is in service. Round all computations to the nearest dollar.
1. Straight-line.
2. Sum-of-the-years’ digits.
3. Double-declining balance.
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