On January 2, 20X1, the Hanover Company purchased some office equipment for $43,000. The equipment is...

 

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On January 2, 20X1, the Hanover Company purchased some office equipment for $43,000. The equipment is expected to have a useful life of five years and a salvage value of $1,000. Prepare a schedule showing the annual depreciation for each of the first three years of the asset's life under the straight-line method, the double- declining-balance method, and the sum-of-the-years'-digits method. (Do not round intermediate calculations.) Straight-Line Method Double- Declining- Balance Method 20X1 $ 8,400 20X2 20X3 Sum-of-the- Years'- Digits Method On January 2, 20X1, the Hanover Company purchased some office equipment for $43,000. The equipment is expected to have a useful life of five years and a salvage value of $1,000. Prepare a schedule showing the annual depreciation for each of the first three years of the asset's life under the straight-line method, the double- declining-balance method, and the sum-of-the-years'-digits method. (Do not round intermediate calculations.) Straight-Line Method Double- Declining- Balance Method 20X1 $ 8,400 20X2 20X3 Sum-of-the- Years'- Digits Method

Answer rating: 100% (QA)

Answer Sure lets calculate the depreciation for each method for the first three years 1 StraightLine ... View the full answer