!Required informationProblem 7-5B Determine depreciation under three methods (LO7-4)[The following information applies to the questions displayed below.]Cheetah Copy purchased a new copy machine. The new machine cost $110,000 including installation. The companyestimates the equipment will have a residual value of $27,500. Cheetah Copy also estimates it will use the machine forfour years or about 8,000 total hours. Actual use per year was as follows:Hours Used2,0001,6002,0003,200Year124Problem 7-5B Part 22. Prepare a depreciation schedule for four years using the double-declining-balance method. (Hint: The asset will be depreciated inonly two years.) (Do not round your intermediate calculations.)X Answer is complete but not entirely correct.CHEETAΗ COPYDepreciation Schedule-Double-Declining-BalanceEnd of Year AmountsDepreciationAccumulatedYearВook ValueDanreaintionEvnanse Problem 7-5B Part 22. Prepare a depreciation schedule for four years using the double-declining-balance method. (Hint: The asset will be depreciated inonly two years.) (Do not round your intermediate calculations.)X Answer is complete but not entirely correct.CHEETΑΗ COPYDepreciation Schedule-Double-Declining-BalanceEnd of Year AmountsDepreciationExpenseAccumulatedYearBook ValueDepreciation1$41,250 X $20,625 X $68,750234,375 X41,250 X34,37536,87561,87527,500482,50027,500Total82,500

Name: !Required informationProblem 7-5B Determine depreciation under three
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Description: !Required informationProblem 7-5B Determine depreciation under three methods (LO7-4)[The following information applies to the questions displayed below.]Cheetah Copy purchased a new copy machine. The new machine cost $110,000 including installation.

solution given Cost of machine $110000 Residual value 27500 Useful life 4 years…

Business

Accounting

X Answer is complete but not entirely correct. CHEETAH СOРY Depreciation Schedule-Double-Declining-Balance End of Year Amounts Depreciation Expense 2$ Accumulated Year Book Value Depreciation 1 41,250 X $ 20,625 X $ 68,750 X 34,375 X 41,250 X 61,875 X 2 34,375 6,875 X 27,500 4 82,500 27,500 Total $ 82,500 3.

X Answer is complete but not entirely correct. CHEETAH СOРY Depreciation Schedule-Double-Declining-Balance End of Year Amounts Depreciation Expense 2$ Accumulated Year Book Value Depreciation 1 41,250 X $ 20,625 X $ 68,750 X 34,375 X 41,250 X 61,875 X 2 34,375 6,875 X 27,500 4 82,500 27,500 Total $ 82,500 3.

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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! Required information Problem 7-5B Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] Cheetah Copy purchased a new copy machine. The new machine cost $110,000 including installation. The company estimates the equipment will have a residual value of $27,500. Cheetah Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Hours Used 2,000 1,600 2,000 3,200 Year 1 2 4 Problem 7-5B Part 2 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.) X Answer is complete but not entirely correct. CHEETAΗ COPY Depreciation Schedule-Double-Declining-Balance End of Year Amounts Depreciation Accumulated Year Вook Value Danreaintion Evnanse
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