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On January 4,20X1, Columbus Company purchased new equipment for $590,000 that had...

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Question

Accounting

On January 4,20X1, Columbus Company purchased new equipment for $590,000 that had a useful life of four years and a salvage value of $58,000.
Required:
Prepare a schedule showing the annual depreciation and end-of-year accumulated depreciation for the first three years of the assets life under the straight-line method, the sum-of-the-years-digits method, and the double-declining-balance method.
Analyze:
If the sum-of-the-years-digits method is used to compute depreciation, what would be the book value of the asset at the end of 20X2?

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