Required information [The following information applies to the questions displayed below.] While You Wait Copy purchased a new copy machine. The new machine cost $116,000 including installation. The company estimates the equipment will have a residual value of $29,000. While You Wait Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year Hours Used 1 2,800 2 2,000 3 4 2,000 2,000 2. Prepare a depreciation schedule for four years using the double-declining-balance method. (Hint: The asset will be depreciated in only two years.) (Do not round your intermediate calculations.) WHILE YOU WAIT COPY Depreciation Schedule-Double-Declining-Balance End of Year Amounts Accumulated Depreciation Book Value Depreciation Year Expense 1 2 3 4 Total $
Required information [The following information applies to the questions displayed below.] While You Wait Copy purchased a new copy machine. The new machine cost $116,000 including installation. The company estimates the equipment will have a residual value of $29,000. While You Wait Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year Hours Used 1 2,800 2 2,000 3 4 2,000 2,000 2. Prepare a depreciation schedule for four years using the double-declining-balance method. (Hint: The asset will be depreciated in only two years.) (Do not round your intermediate calculations.) WHILE YOU WAIT COPY Depreciation Schedule-Double-Declining-Balance End of Year Amounts Accumulated Depreciation Book Value Depreciation Year Expense 1 2 3 4 Total $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
While You Wait Copy purchased a new copy machine. The new machine cost $116,000 including installation. The company
estimates the equipment will have a residual value of $29,000. While You Wait Copy also estimates it will use the machine
for four years or about 8,000 total hours. Actual use per year was as follows:
Year
Hours Used
1
2,800
2
2,000
3
4
2,000
2,000
2. Prepare a depreciation schedule for four years using the double-declining-balance method. (Hint: The asset will be depreciated in
only two years.) (Do not round your intermediate calculations.)
WHILE YOU WAIT COPY
Depreciation Schedule-Double-Declining-Balance
End of Year Amounts
Accumulated
Depreciation
Book Value
Depreciation
Year
Expense
1
2
3
4
Total
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6954c95f-8ae8-4492-acef-1fdb87a70308%2F8c37deb9-6d54-46c8-932d-7bc388b12ee5%2F6tdkeh2_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
While You Wait Copy purchased a new copy machine. The new machine cost $116,000 including installation. The company
estimates the equipment will have a residual value of $29,000. While You Wait Copy also estimates it will use the machine
for four years or about 8,000 total hours. Actual use per year was as follows:
Year
Hours Used
1
2,800
2
2,000
3
4
2,000
2,000
2. Prepare a depreciation schedule for four years using the double-declining-balance method. (Hint: The asset will be depreciated in
only two years.) (Do not round your intermediate calculations.)
WHILE YOU WAIT COPY
Depreciation Schedule-Double-Declining-Balance
End of Year Amounts
Accumulated
Depreciation
Book Value
Depreciation
Year
Expense
1
2
3
4
Total
$
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