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Problem 7-3 Depreciation by two methods; partial years Knife Edge Company purchased tool sharpening equipment on July 1, 2010, for $16,200. The...

Problem 7-3 I am having difficulty with and I will have it on my midterm, need a solution....
Problem 7-3 Depreciation by two methods; partial years Knife Edge Company purchased tool sharpening equipment on July 1, 2010, for $16,200. The equipment was expected to have a useful life of three years and a residual value of $900. INSTRUCTIONS Determine the amount of depreciation expense for the years ended December 31, 2010, 2011, 2012 and 2013, by (a) the straight-line method and (b) the double- declining-balance method.
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Hi! PFA, in case of any... View the full answer

8440765.xlsx

Solution:A) Computation of amount of depreciation using SLM method of depreciation:Cost of equipment
Less: Expected residual value $16,200
$900 Depreciable amount $15,300 Depreciation expense for...

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