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On July 1, 2020, Culver Company purchased for $3,780,000 snow-making equipment having an estimated useful...

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Accounting

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On July 1, 2020, Culver Company purchased for $3,780,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $157,500. Depreciation is taken for the portion of the year the asset is used. Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the 1. sum-of-the-years-digits method. 2. double-declining balance method. 2020 2021 Sum-of-the-Years'-Digits Method Equipment $3,780,000 $3,780,000 Less: Accumulated Depreciation Year-End Book Value Depreciation Expense for the Year Double-Declining Balance Method Equipment $3,780,000 $3,780,000 Less: Accumulated Depreciation Year-End Book Value Depreciation Expense for the Year Attempts: 0 of 1 used

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