n March 31, 2024, Canseco Plumbing Fixtures purchased equipment for $58,000. Residual value at the end of an estimated four-year ervice life is expected to be $10,000. The company expects the equipment to operate for 15,000 hours. The equipment operated for ,600 and 4,400 hours in 2024 and 2025, respectively. Required: a. Calculate depreciation expense for 2024 and 2025 using straight-line method. b. Calculate depreciation expense for 2024 and 2025 using double-declining-balance method. c. Calculate depreciation expense for 2024 and 2025 using units-of-production using hours operated. Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate depreciation expense for 2024 and 2025 using straight-line method. Straight-Line Depreciation Choose Numerator: Formula Amounts Beginning Book Value $ Year Annual Depreciation 2024 $ 2025 $ 48,000 + Choose Denominator: + Double the straight-line rate 12,000 x 12,000 * Fraction of Year 4 = Annual Depreciation = Annual Depreciation 3 $ 12,000 Depreciation Expense

n March 31, 2024, Canseco Plumbing Fixtures purchased equipment for $58,000. Residual value at the end of an estimated four-year ervice life is expected to be $10,000. The company expects the equipment to operate for 15,000 hours. The equipment operated for ,600 and 4,400 hours in 2024 and 2025, respectively. Required: a. Calculate depreciation expense for 2024 and 2025 using straight-line method. b. Calculate depreciation expense for 2024 and 2025 using double-declining-balance method. c. Calculate depreciation expense for 2024 and 2025 using units-of-production using hours operated. Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate depreciation expense for 2024 and 2025 using straight-line method. Straight-Line Depreciation Choose Numerator: Formula Amounts Beginning Book Value $ Year Annual Depreciation 2024 $ 2025 $ 48,000 + Choose Denominator: + Double the straight-line rate 12,000 x 12,000 * Fraction of Year 4 = Annual Depreciation = Annual Depreciation 3 $ 12,000 Depreciation Expense

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Description: n March 31, 2024, Canseco Plumbing Fixtures purchased equipment for $58,000. Residual value at the end of an estimated four-yearervice life is expected to be $10,000. The company expects the equipment to operate for 15,000 hours. The equipment opera

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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