1. Double-declining-balance, 12/31/17, Exp. $5,250 Requirement 1 only) Crackling Fried Chicken bought equipment on January 2, 2016, for $21,000. The equipment was expected to remain in service for four years and to perform 3,600 fry jobs. At the end of he equipment's useful life, Crackling's estimates that its residual value will be $3,000. The equipment performed 360 jobs the first year, 1,080 the second year, 1,440 the third, and 720 he fourth year. Requirements 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods. Show your computations. Note: Three depreciation schedules must be prepared. 2. Which method tracks the wear and tear on the equipment most closely?

1. Double-declining-balance, 12/31/17, Exp. $5,250 Requirement 1 only) Crackling Fried Chicken bought equipment on January 2, 2016, for $21,000. The equipment was expected to remain in service for four years and to perform 3,600 fry jobs. At the end of he equipment's useful life, Crackling's estimates that its residual value will be $3,000. The equipment performed 360 jobs the first year, 1,080 the second year, 1,440 the third, and 720 he fourth year. Requirements 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods. Show your computations. Note: Three depreciation schedules must be prepared. 2. Which method tracks the wear and tear on the equipment most closely?

Name: E10-20 Computing depreciation three methodsLearning Objective 21. Dou
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Description: E10-20 Computing depreciation three methodsLearning Objective 21. Double-declining-balance, 12/31/17, Exp. $5,250(Requirement 1 only)Crackling Fried Chicken bought equipment on January 2, 2016, for $21,000. The equipmentwas expected to remain in ser

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Homework Points: 0 of 1 Souther Fried Chicken bought equipment on January 2, 2024, for $21,000. The equipment was expected to remain in service for four years and to operate for 4,500 hours. At the end of the equipment's useful lide, Southem estimates that is residual value will be $3,000. The equipment operated for 450 hours the first year 1.350 hours the second year 1,800 hours the third year, and 900 hours the fourth year Read the requirements S Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book vale per year for the equipment under the three depreciation methods straight-line, units of production, and double-decining balance. Show your computations. Note: Three depreciation schedules mund be prepared Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Asset Date Cost 1-2-2024 S 21,000 12-31-2024 12-31-2025 12-31-2008 12-31-2027 Get more help. arch Depreciable Cost S Depreciation…
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