Calculate the amount of depreciation to report during the year ended December 31, 2017, for equipment that
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Calculate the amount of depreciation to report during the year ended December 31, 2017, for equipment that was purchased at a cost of $33,000 on September 1, 2017. The equipment has an estimated residual value of $3,000 and an estimated useful life of five years or 20,000 hours. Assume the equipment was used for 1,000 hours from September 1 to December 31. Calculate the amount of depreciation if the company uses
(a) Straight-line,
(b) Double-declining balance,
(c) Units-of-production depreciation.
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259269868
5th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
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