Quality IDs Company purchased plastic laminating equipment on July 1, 2008, for $15,660. The equipment was expected to have a useful life of three years, or 18,825 operating hours, and a residual value of $600. The equipment was used for 3,750 hours during 2008, 7,500 hours in 2009, 5,000 hours in 2010, and 2,575 hours in 2011.
Instructions
Determine the amount of depreciation expense for the years ended December 31, 2008, 2009, 2010, and 2011, by
(a) The straight-line method,
(b) The units-of-production method, and
(c) The double-declining-balance method. Round to the nearest dollar.