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7. Special tools for the manufacture of finished plastic products cost $15,000 and have an estimated $1000 salvage value at the end of an estimated three-year useful life and recovery period. What is the value of the third-year straight-line depreciation?

7. Special tools for the manufacture of finished plastic products cost $15,000 and have an estimated $1000 salvage value at the end of an estimated three-year useful life and recovery period. What is the value of the third-year straight-line depreciation?

FINANCIAL ACCOUNTING
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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8. Use the provided chart to solve this problem. Show your work.

factor name single payment compound amount single payment present worth uniform series sinking fund capital recovery uniform series compound amount uniform series present worth uniform gradient present worth uniform gradient future worth uniform gradient uniform series converts P to F F to P F to A P to A A to F A to P G to P G to F G to A symbol (F/P, i%, n) (P/F, 1%, n) (A/F, i%, n) (A/P, i%, n) (F/A, 1%, n) (P/A, i%, n) (P/G,i%, n) (F/G,1%, n) (A/G, i%, n) formula (1 + i)" (1 + i)-¹ i (1 + i)" - 1 i(1+i)" (1+i)n-1 (1+i)n-1 i (1+i)n-1 i(1+i)n 1- i (1+i)n-1 1² (1+i)n n i(1+i)n (1+i)n-1 n i n (1+i)n-1
Transcribed Image Text:factor name single payment compound amount single payment present worth uniform series sinking fund capital recovery uniform series compound amount uniform series present worth uniform gradient present worth uniform gradient future worth uniform gradient uniform series converts P to F F to P F to A P to A A to F A to P G to P G to F G to A symbol (F/P, i%, n) (P/F, 1%, n) (A/F, i%, n) (A/P, i%, n) (F/A, 1%, n) (P/A, i%, n) (P/G,i%, n) (F/G,1%, n) (A/G, i%, n) formula (1 + i)" (1 + i)-¹ i (1 + i)" - 1 i(1+i)" (1+i)n-1 (1+i)n-1 i (1+i)n-1 i(1+i)n 1- i (1+i)n-1 1² (1+i)n n i(1+i)n (1+i)n-1 n i n (1+i)n-1
7. Special tools for the manufacture of finished plastic products cost $15,000 and have an estimated $1000 salvage value at the end of an estimated three-year useful life and recovery period. What is the value of the third-year straight-line depreciation? 8. With the information of #7. What is the value of the first year Modified-Accelerated- Cost-Recovery-system (MACRS) depreciation?
Transcribed Image Text:7. Special tools for the manufacture of finished plastic products cost $15,000 and have an estimated $1000 salvage value at the end of an estimated three-year useful life and recovery period. What is the value of the third-year straight-line depreciation? 8. With the information of #7. What is the value of the first year Modified-Accelerated- Cost-Recovery-system (MACRS) depreciation?
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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