Nichols Company purchased a new machine for $385,000. It is estimated that the machine will...
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Accounting
Nichols Company purchased a new machine for $385,000. It is estimated that the machine will have a $38,500 salvage value at the end of its 5-year useful service life. The double-declining-balance method of depreciation will be used. Prepare a depreciation schedule which shows the annual depreciation expense on the machine for its 5-year life.
| End of Year | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Year | Book Value Beginning of Year | Depreciation Rate | Annual Depreciation Expense | Accumulated Depreciation | |||||||
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