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On January 1, 2018, Morrow Inc. purchased a spooler at a cost of $40,000....

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Accounting

On January 1, 2018, Morrow Inc. purchased a spooler at a cost of $40,000. The equipment is expected to last eight years and have a residual value of $4,000. During its eight-year life, the equipment is expected to produce 250,000 units of product. In 2018 and 2019, 42,000 and 76,000 units respectively were produced.

1. Compute depreciation for 2018 and 2019, assuming the double-declining-balance method is used.

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