On January 1, 2024, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the end of
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On January 1, 2024, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the end of an estimated four-year service life is expected to be $2,000. The company expects the equipment to operate for 10,000 hours. Calculate depreciation expense for 2024 and 2025 using each of the following depreciation methods:
(1) Straight line
(2) Double-declining balance
(3) Units-of-production using hours operated. The equipment operated for 2,200 and 3,000 hours in 2024 and 2025, respectively.
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