Daniels Consulting performs systems consulting and also sells accounting software. Assume Daniels Consulting had purchased a computer, $1,500, and office furniture, $300, on December 3 and 4, 2016, respectively, and that they were expected to last five years. Assume that both assets have a residual value of $0.

 

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Requirements 1. Calculate the amount of depreciation expense for each asset for the year ended December 31, 2016, assuming the computer is depreciated using the straight-line method and the office furniture is depreciated using the double-declining-balance method. 2. Record the entry for the one month's depreciation. Requirements 1. Calculate the amount of depreciation expense for each asset for the year ended December 31, 2016, assuming the computer is depreciated using the straight-line method and the office furniture is depreciated using the double-declining-balance method. 2. Record the entry for the one month's depreciation.

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Requirement 1 Depreciation on Computer for year 2016 1 month depreciation of Decemb... View the full answer