On July 1, 2020, Flint Company purchased for $3,960,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $165,000. Depreciation is taken for the portion of the year the asset is used. (a) Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment $3,960,000 $3,960,000 Less: Accumulated Depreciation Year-End Book Value Depreciation Expense for the Year Double-Declining Balance Method Equipment $3,960,000 $3,960,000 Less: Accumulated Depreciation Year-End Book Value Depreciation Expense for the Year

On July 1, 2020, Flint Company purchased for $3,960,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $165,000. Depreciation is taken for the portion of the year the asset is used. (a) Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment $3,960,000 $3,960,000 Less: Accumulated Depreciation Year-End Book Value Depreciation Expense for the Year Double-Declining Balance Method Equipment $3,960,000 $3,960,000 Less: Accumulated Depreciation Year-End Book Value Depreciation Expense for the Year

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Description: On July 1, 2020, Flint Company purchased for $3,960,000 snow-making equipment having an estimated useful life of 5 years withan estimated salvage value of $165,000. Depreciation is taken for the portion of the year the asset is used.(a)Complete the

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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