On January 1, 2021, Forbes Company purchased equipment at a cost of $25,000. The equipment was...

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On January 1, 2021, Forbes Company purchased equipment at a cost of $25,000. The equipment was estimated to have a residual value of $2,500 and it is being depreciated over 4 years. Prepare the deprecation schedule for years one and two if the company is following: a- Straight-line method (20 marks) Depreciation Accumulated еxpense A Cost Book Value Depreciation Y1 Y2 %24 %24 %24 %24 %24 %24 %S4 B- Double declining method (20 marks) Depreciation Accumulated еxpnese B Cost Book Value Depreciation Y1 IS IS Y2 %24 C- Sum of years method (20 marks) Depreciation Accumulated expnese C Cost Book Value Depreciation Y1 Y2 4 %24 %24 %24 %24 %24 On January 1, 2021, Forbes Company purchased equipment at a cost of $25,000. The equipment was estimated to have a residual value of $2,500 and it is being depreciated over 4 years. Prepare the deprecation schedule for years one and two if the company is following: a- Straight-line method (20 marks) Depreciation Accumulated еxpense A Cost Book Value Depreciation Y1 Y2 %24 %24 %24 %24 %24 %24 %S4 B- Double declining method (20 marks) Depreciation Accumulated еxpnese B Cost Book Value Depreciation Y1 IS IS Y2 %24 C- Sum of years method (20 marks) Depreciation Accumulated expnese C Cost Book Value Depreciation Y1 Y2 4 %24 %24 %24 %24 %24 On January 1, 2021, Forbes Company purchased equipment at a cost of $25,000. The equipment was estimated to have a residual value of $2,500 and it is being depreciated over 4 years. Prepare the deprecation schedule for years one and two if the company is following: a- Straight-line method (20 marks) Depreciation Accumulated еxpense A Cost Book Value Depreciation Y1 Y2 %24 %24 %24 %24 %24 %24 %S4 B- Double declining method (20 marks) Depreciation Accumulated еxpnese B Cost Book Value Depreciation Y1 IS IS Y2 %24 C- Sum of years method (20 marks) Depreciation Accumulated expnese C Cost Book Value Depreciation Y1 Y2 4 %24 %24 %24 %24 %24 On January 1, 2021, Forbes Company purchased equipment at a cost of $25,000. The equipment was estimated to have a residual value of $2,500 and it is being depreciated over 4 years. Prepare the deprecation schedule for years one and two if the company is following: a- Straight-line method (20 marks) Depreciation Accumulated еxpense A Cost Book Value Depreciation Y1 Y2 %24 %24 %24 %24 %24 %24 %S4 B- Double declining method (20 marks) Depreciation Accumulated еxpnese B Cost Book Value Depreciation Y1 IS IS Y2 %24 C- Sum of years method (20 marks) Depreciation Accumulated expnese C Cost Book Value Depreciation Y1 Y2 4 %24 %24 %24 %24 %24 On January 1, 2021, Forbes Company purchased equipment at a cost of $25,000. The equipment was estimated to have a residual value of $2,500 and it is being depreciated over 4 years. Prepare the deprecation schedule for years one and two if the company is following: a- Straight-line method (20 marks) Depreciation Accumulated еxpense A Cost Book Value Depreciation Y1 Y2 %24 %24 %24 %24 %24 %24 %S4 B- Double declining method (20 marks) Depreciation Accumulated еxpnese B Cost Book Value Depreciation Y1 IS IS Y2 %24 C- Sum of years method (20 marks) Depreciation Accumulated expnese C Cost Book Value Depreciation Y1 Y2 4 %24 %24 %24 %24 %24 On January 1, 2021, Forbes Company purchased equipment at a cost of $25,000. The equipment was estimated to have a residual value of $2,500 and it is being depreciated over 4 years. Prepare the deprecation schedule for years one and two if the company is following: a- Straight-line method (20 marks) Depreciation Accumulated еxpense A Cost Book Value Depreciation Y1 Y2 %24 %24 %24 %24 %24 %24 %S4 B- Double declining method (20 marks) Depreciation Accumulated еxpnese B Cost Book Value Depreciation Y1 IS IS Y2 %24 C- Sum of years method (20 marks) Depreciation Accumulated expnese C Cost Book Value Depreciation Y1 Y2 4 %24 %24 %24 %24 %24

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Depreciation expense Depreciation refers to reduction in value of an asset du... View the full answer