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On January 1, 2017, Tracey Designs, Inc., purchased a computerized blueprint printer that will assist...

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Accounting

On January 1, 2017, Tracey Designs, Inc., purchased a computerized blueprint printer that will assist in the design and display of plans for factory layouts. The cost of the printer was $22,500 and its expected useful life is four (4) years. The expected salvage value at the end of the fourth year is $2,500. The printer is expected to last for 8,000 hours. It was used for 1,200 hours in 2017 and 1,800 hours in 2018.

For the years 2017 and 2018, compute the depreciation expense that would go on the income statement and compute the book value that would go on the balance sheet, using the following methods of depreciation. Show your work below and on the next page and put your answers on the Depreciation Answer Sheet at the bottom of the next page.

Straight-Line method

Units-of-Production method

Double-Declining-Balance method

Depreciation Answer Sheet

Depreciation Expense for 2017 Income Statement

Depreciation Expense for 2018 Income Statement

Book Value on 12/31/17 Balance Sheet

Book Value on 12/31/18 Balance Sheet

Straight-Line method

Units-of-Production method

Double-Declining-Balance method

Answer & Explanation Solved by verified expert
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