Diamond Autobody purchased some new equipment. The new equipment cost $90,000. The company estimates the...
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Accounting
Diamond Autobody purchased some new equipment. The new equipment cost $90,000. The company estimates the equipment will have a residual value of $10,000. Diamond also estimates it will use the equipment for eight years or about 5,000 total hours. Required: Prepare a depreciation schedule for eight years using the following methods: 1. Straight-line. 2. Double-declining-balance. 3. Activity-based. Actual use per year was as follows: Year Hours Used 1 850 2 750 3 800 4 730 5 700 6 625 7 400 8 425
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