Seconds Fried Chicken bought equipment on January 2, 2018, for $39,000. The equipment was expected to remain in service for four yea and to operate for 8,250 hours. At the end of the equipment's useful life, Seconds estimates that its residual value will be $6,000. The equipment operated for 825 hours the first year, 2,475 hours the second year, 3,300 hours the third year, and 1,650 hours the fourth year Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment unde the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Depreciation Accumulated Book Useful Date Cost Cost Life Expense Depreciation Value 1-2-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 Before calkulating the units-of-production depreciation schedule, cakulate the depreciation expense per unit. Select the formula, then ent the amounts and calculate the depreciation expense per unit. Depreciation per unit

Seconds Fried Chicken bought equipment on January 2, 2018, for $39,000. The equipment was expected to remain in service for four yea and to operate for 8,250 hours. At the end of the equipment's useful life, Seconds estimates that its residual value will be $6,000. The equipment operated for 825 hours the first year, 2,475 hours the second year, 3,300 hours the third year, and 1,650 hours the fourth year Requirement 1. Prepare a schedule of depreciation expense, accumulated depreciation, and book value per year for the equipment unde the three depreciation methods: straight-line, units-of-production, and double-declining-balance. Show your computations. Note: Three depreciation schedules must be prepared. Begin by preparing a depreciation schedule using the straight-line method. Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Depreciation Accumulated Book Useful Date Cost Cost Life Expense Depreciation Value 1-2-2018 12-31-2018 12-31-2019 12-31-2020 12-31-2021 Before calkulating the units-of-production depreciation schedule, cakulate the depreciation expense per unit. Select the formula, then ent the amounts and calculate the depreciation expense per unit. Depreciation per unit

Name: Seconds Fried Chicken bought equipment on January 2, 2018, for $39,00
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Description: Seconds Fried Chicken bought equipment on January 2, 2018, for $39,000. The equipment was expected to remain in service for four yearsand to operate for 8,250 hours. At the end of the equipment's useful life, Seconds estimates that its residual valu

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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