Question: A machine is purchased January 1 at a cost of $59,000. It is expected to serve for eight years and have a salvage value of

A machine is purchased January 1 at a cost of $59,000. It is expected to serve for eight years and have a salvage value of $3,000.

REQUIRED

Prepare a schedule showing depreciation for each year and the book value at the end of each year using the following methods:

(a) Straight-line

(b) Double-declining-balance (round to two decimal places)

(c) Sum-of-the-years’-digits (round to two decimal places)

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