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Sonic Corporation purchased and installed electronic payment equipment at its drive-in restaurants in San Marcos, TX, at a cost of $37,800. The equipment has an estimated residual value of $3,000. The equipment is expected to process 266,000 payments over its three-year useful life. Per year, expected payment transactions are 63,840, year 1; 146,300, year 2; and 55,860, year 3. Required: Complete a depreciation schedule for each of the alternative methods. 1. Straight-line. 2. Units-of-production. 3. Double-declining-balance. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete a depreciation schedule for the units-of-production method. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Income Statement Balance Sheet Year Depreciation Expense Cost Accumulated Depreciation Book Value At acquisition $ 37,800 1 $ 2 $ 8,363 $ 19,166 $ 37,800 $ 8,544 37,800 $ 27,528 $29,436 × $10,272 3 $ 7,272 $ 37,800 $ 34,800 $ 3,000 < Required 1 Required 3 >

Sonic Corporation purchased and installed electronic payment equipment at its drive-in restaurants in San Marcos, TX, at a cost of $37,800. The equipment has an estimated residual value of $3,000. The equipment is expected to process 266,000 payments over its three-year useful life. Per year, expected payment transactions are 63,840, year 1; 146,300, year 2; and 55,860, year 3. Required: Complete a depreciation schedule for each of the alternative methods. 1. Straight-line. 2. Units-of-production. 3. Double-declining-balance. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete a depreciation schedule for the units-of-production method. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Income Statement Balance Sheet Year Depreciation Expense Cost Accumulated Depreciation Book Value At acquisition $ 37,800 1 $ 2 $ 8,363 $ 19,166 $ 37,800 $ 8,544 37,800 $ 27,528 $29,436 × $10,272 3 $ 7,272 $ 37,800 $ 34,800 $ 3,000 < Required 1 Required 3 >

FINANCIAL ACCOUNTING
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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Sonic Corporation purchased and installed electronic payment equipment at its drive-in restaurants in San Marcos, TX, at a cost of $37,800. The equipment has an estimated residual value of $3,000. The equipment is expected to process 266,000 payments over its three-year useful life. Per year, expected payment transactions are 63,840, year 1; 146,300, year 2; and 55,860, year 3. Required: Complete a depreciation schedule for each of the alternative methods. 1. Straight-line. 2. Units-of-production. 3. Double-declining-balance. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete a depreciation schedule for the units-of-production method. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Income Statement Balance Sheet Year Depreciation Expense Cost Accumulated Depreciation Book Value At acquisition $ 37,800 1 $ 2 $ 8,363 $ 19,166 $ 37,800 $ 8,544 37,800 $ 27,528 $29,436 × $10,272 3 $ 7,272 $ 37,800 $ 34,800 $ 3,000 < Required 1 Required 3 >
Transcribed Image Text:Sonic Corporation purchased and installed electronic payment equipment at its drive-in restaurants in San Marcos, TX, at a cost of $37,800. The equipment has an estimated residual value of $3,000. The equipment is expected to process 266,000 payments over its three-year useful life. Per year, expected payment transactions are 63,840, year 1; 146,300, year 2; and 55,860, year 3. Required: Complete a depreciation schedule for each of the alternative methods. 1. Straight-line. 2. Units-of-production. 3. Double-declining-balance. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete a depreciation schedule for the units-of-production method. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Income Statement Balance Sheet Year Depreciation Expense Cost Accumulated Depreciation Book Value At acquisition $ 37,800 1 $ 2 $ 8,363 $ 19,166 $ 37,800 $ 8,544 37,800 $ 27,528 $29,436 × $10,272 3 $ 7,272 $ 37,800 $ 34,800 $ 3,000 < Required 1 Required 3 >
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