Question

On July 1, 2010, Seminole Construction Corporation purchased equipment for $62,000. Seminole also paid $2,500 to train employees how to use it. The equipment is expected to have a useful life of eight years and a salvage value of $500.
1. Compute the depreciation expense for years ended June 30, 2011–2013, using the straight-line method.
2. Compute the depreciation expense for the years ended June 30, 2011–2013, using the double-declining balance method. (Round your answers to the nearest dollar.)
3. What is the book value of the equipment at the year ended June 30, 2013, under each method?



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  • CreatedSeptember 01, 2014
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