Carla Industries purchased a new lathe on January 1, 2017, for $285,000. Carla estimates that...
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Carla Industries purchased a new lathe on January 1, 2017, for $285,000. Carla estimates that the lathe will have a useful life of four years and that the company will be able to sell it at the end of the fourth year for $57,000. Compute the depreciation expense that Carla Industries would record for 2017, 2018, 2019, and 2020 under each of the following methods:
| (1) | Straight-line depreciation | |
| (2) | Double-declining-balance depreciation |
| Date | Straight-line depreciation method | Double-declining-balance depreciation method | ||
| 12/31/17 | $ | $ | ||
| 12/31/18 | ||||
| 12/31/19 | ||||
| 12/31/20 |
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