$!$

Required information

Use the following information for the Quick Studies below. $($Static$)$

$[$The following information applies to the questions displayed below.$]$

Equipment costing $$13,000$ with a $10-$year useful life and an estimated $$3,000$ salvage value is acquired and started operating on January $1.$ The equipment is estimated to produce $2,000$ units of product during its life. It produced $160$ units in the first year.

QS $8-7($Static$)$ Computing depreciation under different methods LO P$1$

Compute depreciation for the first year under straight$-$line, units$-$of$-$production, and double$-$declining$-$balance.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Required $3$

Compute depreciation for the first year under units$-$of$-$production.

Select formula for the depreciation rate of Units of Production:

$($Cost $-$ Salvage value$)/$ Total units of production

Calculate the first year depreciation expense:

$\backslash$table$[[$Depreciation per unit,$],[$Units in first year,$],[$Depreciation in first year,$]]$

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Required information

Use the following information for the Quick Studies below. $($Static$)$

$[$The following information applies to the questions displayed below.$]$

Equipment costing $$13,000$ with a $10-$year useful life and an estimated $$3,000$ salvage value is acquired and started operating on January $1.$ The equipment is estimated to produce $2,000$ units of product during its life. It produced $160$ units in the first year.

QS $8-7($Static$)$ Computing depreciation under different methods LO P$1$

Compute depreciation for the first year under straight$-$line, units$-$of$-$production, and double$-$declining$-$balance.

Complete this question by entering your answers in the tabs below.

Required $1$

Compute depreciation for the first year under straight$-$line.

$\backslash$table$[[$Straight$-$Line Depreciation$],[$Choose Numerator:,$1,$Choose Denominator:,$=,$Annual Depreciation Expense$],[$Cost minus salvage,$1,$Estimated useful life $($years$),=,$Depreciation expense$],[$P$,1,,=,]]$