On March 31, 2024, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the...
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On March 31, 2024, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the end of an estimated four-year service life is expected to be $2,000. The company expects the equipment to operate for 10,000 hours. Calculate depreciation expense for 2024 and 2025 using each of the following depreciation methods: (a) straight line, (b) double-declining balance and (c) units-of-production using hours operated. The equipment operated for 2,200 and 3,000 hours in 2024 and 2052, respectively
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