Required B & Required C please **Freedom Co. Depreciation Analysis**Freedom Co. acquired a new machine on July 2, 2019, with a total installed cost of $48,000. The machine has an estimated useful life of five years and an estimated salvage value of $6,600.**Required:**a. Calculate the depreciation expense for each year of the asset’s life using: 1. Straight-line depreciation. 2. Double-declining-balance depreciation.b. Determine the depreciation expense that should be recorded by Freedom Co. for its fiscal year ending December 31, 2019, under each method. *(Note: The machine was used for half of its first year of life.)*c. Calculate the accumulated depreciation and net book value of the machine as of December 31, 2020, under each method.**Instructions:**Complete this question by entering your answers in the tabs provided.- **Required A1**- **Required A2**- **Required B**- **Required C****Calculation Table:**The table below outlines the accumulated depreciation and net book value of the machine at December 31, 2020, for each method:| Method | Cost | Accumulated Depreciation | Net Book Value ||-------------------------|---------|--------------------------|----------------|| Straight-line | $48,000 | | || Double-declining-balance| $48,000 | | |Please proceed to Required B to continue. Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $48,000. The machine has an estimated life of five years and an estimated salvage value of $6,600.**Required:**a. Calculate the depreciation expense for each year of the asset’s life using: 1. Straight-line depreciation. 2. Double-declining-balance depreciation.b. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? *(Note: The machine will have been used for one-half of its first year of life.)*c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method.---**Instruction:**Complete this question by entering your answers in the tabs below.- Required A1- Required A2- Required B- Required C**Question:**How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? *(Note: The machine will have been used for one-half of its first year of life.)*---**Table:**| Depreciation Expense ||------------------------------|| Straight-line || Double-declining-balance |**Buttons:**- Required A2- Required C

The question is related to the Depreciation Accounting. In the given question Depreciation is…

Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $48,000. The machine has an estimated life of five years and an estimated salvage value of $6,600. Required: a. Calculate the depreciation expense for each year of the asset's life using: 1. Straight-line depreciation. 2. Double-declining-balance depreciation. b. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of its first year of life.) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required B Required C Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method. Accumulated Depreciation Cost Net Book Value Straight-line 48,000 Double-declining-balance 48,000 < Required B

Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $48,000. The machine has an estimated life of five years and an estimated salvage value of $6,600. Required: a. Calculate the depreciation expense for each year of the asset's life using: 1. Straight-line depreciation. 2. Double-declining-balance depreciation. b. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of its first year of life.) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required B Required C Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method. Accumulated Depreciation Cost Net Book Value Straight-line 48,000 Double-declining-balance 48,000 < Required B

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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