equipment acquired at a cost of $56,000 has an estimated residual value of $3,000 and an estimated useful life of 5 years. It was placed in service on October 1 of the current fiscal year, which ends on December 31, 20Y5

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Chapter1: Financial Statements And Business Decisions
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Partial-Year Depreciation: Straight-Line and Double Declining Balance

Sandblasting equipment acquired at a cost of $56,000 has an estimated residual value of $3,000 and an estimated useful life of 5 years. It was placed in service on October 1 of the current fiscal year, which ends on December 31, 20Y5.

a.  Determine the depreciation for 20Y5 and for 20Y6 by the straight-line method. Round your answer to the nearest cent if rounding is required.

  Depreciation
20Y5 $fill in the blank 1
20Y6 $fill in the blank 2

b.  Determine the depreciation for 20Y5 and for 20Y6 by the double-declining-balance method. Round your answer to the nearest cent if rounding is required.

  Depreciation
20Y5 $fill in the blank 3
20Y6

$fill in the blank 4

 

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