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Presley Company purchased equipment on January 1, 20x1.This is the only equipment that Presley company...

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Accounting

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Presley Company purchased equipment on January 1, 20x1.This is the only equipment that Presley company owns. The following information relates to this equipment: Initial cost Double Declining Balance Expected Useful Life (in years) $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 Estimated Residual Value (in dollars): 20x1 20x2 20x1 20x2 $400,000 $400,000 $400,000 Less: Accumulated Depreciation Less: Accumulated Depreciation Double straight Line Rate Depreciation Expense Use the sliders provided above for (1) expected useful life, and (2) estimated residual value to answer the following questions: 1. Assume that the equipment has an expected useful re of 10 years and an estimated residual value of s40,000. a. Determine depreciation expense for the year ended December 31, 20x1 b. Determine depreciation expense for the year ended December 31, 20x2

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