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Daniels Consulting had purchased a computer, $3,600, and office furniture, $3,000, on December 1, 2017,...

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Accounting

Daniels Consulting had purchased a computer, $3,600, and office furniture, $3,000, on December 1, 2017, and that they were expected to last five years. Assume that both assets have a residual value of $0.

1. Calculate the amount of depreciation expense for each asset, assuming the computer is depreciated using the straight line method and the office furniture is depreciated using the double-declining balance method. Calculate the depreciation expense for the 2017 year (Note that the assets are used only for a month in 2017). 2. Record the entry for the purchase of these assets and the related depreciation.

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