Sheridan Company purchased equipment on account on September 3, 2022, at an invoice price of $197,000....

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Sheridan Company purchased equipment on account on September 3, 2022, at an invoice price of $197,000. On September 4, 2022, it paid $5,000 for delivery of the equipment. A one-year, $1,980 insurance policy on the equipment was purchased on September 6, 2022. On September 20, 2022, Sheridan paid $3,000 for installation and testing of the equipment. The equipment was ready for use on October 1, 2022. Sheridan estimates that the equipment's useful life will be four years, with a residual value of $14,500. It also estimates that, in terms of activity, the equipment's useful life will be 95,250 units. Sheridan has a September 30 fiscal year end. Assume that actual usage is as follows: # of Units Year Ended September 30 15,570 2023 23,870 2024 20,170 2025 36,540 2026 Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. straight-line 2. double diminishing-balance, assuming a rate of 50% 3. units-of-production (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to O decimal places, e.g. 5,276.) 1. STRAIGHT-LINE DEPRECIATION Year Depreciable Amount Depr. Rate Depr. Expense 2023 $ % $ $ 2024 2025 2026 % % % Acc De (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to O decimal places, e.g. 5,276.) 1. STRAIGHT-LINE DEPRECIATION Depr. Rate % $ % % % Depr. Expense End of Year Accum. Carrying Depr. Amount SA $ $ 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION Year Carrying Amount Beginning Depr. Of Year X Rate 2023 $ 2024 2025 2026 % $ % % % Depr. Expense $ 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION Depr. Rate % $ % 96 % Depr. Expense S Accum. Depr. End of Year Carrying Amount $ 3. UNITS-OF-PRODUCTION Year 2023 Units of Production 2024 2025 2026 X A Depr. Amt/Unit SA Depr. Expense Ac D 3. UNITS-OF-PRODUCTION Depr. Amt/Unit Depr. Expense Accum. Depr. End of Year Carrying Amount 69 59 Sheridan Company purchased equipment on account on September 3, 2022, at an invoice price of $197,000. On September 4, 2022, it paid $5,000 for delivery of the equipment. A one-year, $1,980 insurance policy on the equipment was purchased on September 6, 2022. On September 20, 2022, Sheridan paid $3,000 for installation and testing of the equipment. The equipment was ready for use on October 1, 2022. Sheridan estimates that the equipment's useful life will be four years, with a residual value of $14,500. It also estimates that, in terms of activity, the equipment's useful life will be 95,250 units. Sheridan has a September 30 fiscal year end. Assume that actual usage is as follows: # of Units Year Ended September 30 15,570 2023 23,870 2024 20,170 2025 36,540 2026 Prepare depreciation schedules for the life of the asset under the following depreciation methods: 1. straight-line 2. double diminishing-balance, assuming a rate of 50% 3. units-of-production (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to O decimal places, e.g. 5,276.) 1. STRAIGHT-LINE DEPRECIATION Year Depreciable Amount Depr. Rate Depr. Expense 2023 $ % $ $ 2024 2025 2026 % % % Acc De (Round depreciable amount per unit to 2 decimal places, e.g. 5.27 and the final answers to O decimal places, e.g. 5,276.) 1. STRAIGHT-LINE DEPRECIATION Depr. Rate % $ % % % Depr. Expense End of Year Accum. Carrying Depr. Amount SA $ $ 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION Year Carrying Amount Beginning Depr. Of Year X Rate 2023 $ 2024 2025 2026 % $ % % % Depr. Expense $ 2. DOUBLE DIMINISHING-BALANCE DEPRECIATION Depr. Rate % $ % 96 % Depr. Expense S Accum. Depr. End of Year Carrying Amount $ 3. UNITS-OF-PRODUCTION Year 2023 Units of Production 2024 2025 2026 X A Depr. Amt/Unit SA Depr. Expense Ac D 3. UNITS-OF-PRODUCTION Depr. Amt/Unit Depr. Expense Accum. Depr. End of Year Carrying Amount 69 59