On April 22, 2020, Blossom Enterprises purchased equipment for $130,100. The company expects to use...
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On April 22, 2020, Blossom Enterprises purchased equipment for $130,100. The company expects to use the equipment for 11,000 working hours during its 4-year life and that it will have a residual value of $8,000. Blossom has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1,200 hours in 2020; 2,600 hours in 2021; 4,000 hours in 2022; 2,500 hours in 2023; and 900 hours in 2024.
(a1) Calculate depreciation expense for the life of the asset under straight-line method
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