Question: 1. Calculate the depreciation expense using the straight-line method for the equipment. 2. Calculate the depreciation expense using the double-declining balance method for the first

1. Calculate the depreciation expense using the straight-line method for the

1. Calculate the depreciation expense using the straight-line method for the equipment.

2. Calculate the depreciation expense using the double-declining balance method for the first year the equipment was owned.

3. Calculate the depreciation expense using the double-declining balance method for the second year the equipment was owned.

2.17. The Lazy O Ranch just purchased equipment costing $60,000. The equipment is expected to last five years and have no salvage value. (a) Calculate the depreciation expense using the straight-line method for the first two years the equipment is owned. (b) Calculate the depreciation expense using the double-declining balance method for the first two years the equipment is owned

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