Question: Need help with my accounting please:) Chapter 7 In class assignment-Answers to be submitted in Canvas The company purchased equipment for $500,000. Residual value is

Need help with my accounting please:)

Need help with my accounting please:) Chapter 7 In class assignment-Answers to

Chapter 7 In class assignment-Answers to be submitted in Canvas The company purchased equipment for $500,000. Residual value is expected to be $125,000 at the end of the estimated 6 years or 12,000 hours service life. For Straight-line: 1. Book value at the end of year 3 $_ For 180% declining balance: 2. Depreciation expense for year 2 3. Depreciation expense for year 3 For Activity based: Year Hours used 1 2,008 2 2,003 3 1,995 A 2,000 5 1,996 6 1,998 4. Depreciation expense for year 3 5. Book value at the end of year 3

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