Problem #2: Depreciation Methods (Show your work) Numo Company purchased a new machine on October...
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Problem #2: Depreciation Methods (Show your work) Numo Company purchased a new machine on October 1, 2021, at a cost of $145,000. The company estimated that the machine will have a salvage value of $25,000.The machine is expected to be used for 20,000 working hours during its 5-year life. Instructions Compute the depreciation expense under the following methods for the year indicated. (a) Straight-line for 2021 and 2022. (b) Units-of-activity for 2021, assuming machine usage was 3,400 hours. (c) Declining-balance using double the straight-line rate for 2021 and 2022.
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