Business, 28.05.2021 23:50 alupton4887
On July 1, 2020, Sport Company purchased for $3,600,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $150,000. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the:
1. sum-of-the-years'-digits method.
2. double-declining balance method.
Sum-of-the-Years'-Digits Method 2020 2021
Equipment $3,600,000 $3,600,000
Less: Accumulated Depreciation
Year-End Book Value
Depreciation Expense for the Year
Double-Declining Balance Method
Equipment $3,600,000 $3,600,000
Less: Accumulated Depreciation
Year-End Book Value
Depreciation Expense for the Year
Answers: 1
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On July 1, 2020, Sport Company purchased for $3,600,000 snow-making equipment having an estimated us...
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