Question: how do u do part c? Cheyenne Corp. purchased a boardroom table for $18,000. The company planned to keep it for four years, after which

Cheyenne Corp. purchased a boardroom table for $18,000. The company planned to keep it for four years, after which it was expected to be sold for $3,000. (a) Your answer is correct Calculate the depreciation expense for each of the first three years under the straight-line method and the double-diminishing- balance method, assuming the table was purchased early in the first month of the first year. (1) Straight-line method. Year 1 $ 3750 Year 2 $ 3750 Year 3 3750 (2) Double-diminishing-balance method. Year 1 $ 9000 Year 2 4500 Year 3 $ 2250 (c) c * Your answer is incorrect. Determine the impact on net income (total depreciation of the table plus any loss on disposal or less any gain on disposal) of each method over the entire three-year period. Straight-line method $ 6750 Double-diminishing-balance method $ 2250
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