Knife Edge Company purchased tool sharpening equipment on July 1, 2010, for $16,200. The equipment was expected

Question:

Knife Edge Company purchased tool sharpening equipment on July 1, 2010, for $16,200. The equipment was expected to have a useful life of three years and a residual value of $900.


Instruction

Determine the amount of depreciation expense for the years ended December 31, 2010, 2011, 2012, and 2013, by

(a) The straight-line method

(b) The double-declining-balance method.

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Related Book For  answer-question

Survey of Accounting

ISBN: 978-1133189121

6th edition

Authors: Carl S Warren

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