Panko Inc. began a business on January 1, 2019. It purchased equipment for its factory on this
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Question:
Panko Inc. began a business on January 1, 2019. It purchased equipment for its factory on this date for $340,000. The equipment is expected to have an estimated useful life of four years with a residual value of $40,000. Panko's year-end is December 31.
Compute the depreciation for 2019, 2020, 2021, and 2022, and provide the year-end journal entries which Panko will record on December 31 for each of the years above, using the following two methods:
a) Straight-line method
b) Double declining balance method.
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