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Kenartha Oil recently paid $485,400 for equipment that will last five years and have a...

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Accounting

imageKenartha Oil recently paid $485,400 for equipment that will last five years and have a residual value of $115,000. By using the machine in its operations for five years, the company expects to earn $181,000 annually, after deducting all expenses except depreciation. Complete the schedule below assuming each of (a) straight-line depreciation and (b) double-declining-balance depreciation.

Kcnartha Oil recently paid $485,400 for cquipment that will last five ycars and have a residual value of $115,000. By using the machine in its opcrations for five ycars, the company cxpects to carn $181,000 annually, after deducting all cxpcnses cxcept Straight-Line Depreciation: Year4 26s Yearl Year2 Years Years 5-Year TotalS Pront before depreciation (b) Double-Declining-Bala e Depreciation: Year Year2 Year3 Year4 Year5-year Totals Pront before depreciation Proht lloss)

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