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Delicious Fried Chicken bought equipment on January 2, 2024, for $36,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Delicious estimates that its residual value will be $6,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements, Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. Begin y preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Date 1-2-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 Asset Depreciable Cost Cost Depreciation for the Year Useful Life + + + . . Depreciation. Accumulated Expense Depreciation Book Value

Delicious Fried Chicken bought equipment on January 2, 2024, for $36,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Delicious estimates that its residual value will be $6,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements, Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. Begin y preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Date 1-2-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 Asset Depreciable Cost Cost Depreciation for the Year Useful Life + + + . . Depreciation. Accumulated Expense Depreciation Book Value

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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Delicious Fried Chicken bought equipment on January 2, 2024, for $36,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Delicious estimates that its residual value will be $6,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Date 1-2-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 Asset Depreciable Cost Cost Depreciation for the Year ++ + Useful Life || Depreciation Accumulated Expense Depreciation Book Value
Transcribed Image Text:Delicious Fried Chicken bought equipment on January 2, 2024, for $36,000. The equipment was expected to remain in service for four years and to operate for 6,000 hours. At the end of the equipment's useful life, Delicious estimates that its residual value will be $6,000. The equipment operated for 600 hours the first year, 1,800 hours the second year, 2,400 hours the third year, and 1,200 hours the fourth year. Read the requirements. Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment under the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Date 1-2-2024 12-31-2024 12-31-2025 12-31-2026 12-31-2027 Asset Depreciable Cost Cost Depreciation for the Year ++ + Useful Life || Depreciation Accumulated Expense Depreciation Book Value
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