On January 1, Midwest Specialty Foods purchased equipment for $22,000. Residual value at the end of...

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On January 1, Midwest Specialty Foods purchased equipment for $22,000. Residual value at the end of an estimated four-year service life is expected to be $2,200. The machine operated for 2,300 hours in the first year, and the company expects the machine to operate for a total of 12,000 hours. Calculate depreciation expense for the first year using each of the following depreciation methods: (1) straight-line, (2) double- declining-balance, and (3) activity-based. (Do not round your intermediate calculations.) (1) Straight-line (2) Double-declining-balance (3) Activity-based Depreciation Expense $ 4,950 On January 1, Midwest Specialty Foods purchased equipment for $22,000. Residual value at the end of an estimated four-year service life is expected to be $2,200. The machine operated for 2,300 hours in the first year, and the company expects the machine to operate for a total of 12,000 hours. Calculate depreciation expense for the first year using each of the following depreciation methods: (1) straight-line, (2) double- declining-balance, and (3) activity-based. (Do not round your intermediate calculations.) (1) Straight-line (2) Double-declining-balance (3) Activity-based Depreciation Expense $ 4,950

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1 Straightline Depreciation The formula for straightline depreciati... View the full answer