Question: SHOW CALCULATION PLEASE Problem 7: Depreciation Methods (10 points) Garcia Corporation purchased the following asset on March 1, 2020: Cost of Asset: $850,000 Residual Value:

SHOW CALCULATION PLEASE Problem 7: Depreciation Methods (10 points) Garcia Corporation

SHOW CALCULATION PLEASE

Problem 7: Depreciation Methods (10 points) Garcia Corporation purchased the following asset on March 1, 2020: Cost of Asset: $850,000 Residual Value: $50,000 Estimated Life: The asset was expected to last 15 years but was only going to be used for 10 years. Estimated Life in Units: 400,000 units The asset produced 30,000 units in 2020 and 45,000 units in 2021. Required Calculate the depreciation expense for 2020 and 2021 using the straight line, double declining, and units of production methods. S Straight Line Double Declining Units of Balance Production 2020 2021

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