50.1K

Verified Solution

Link Copied!

! Required Information (The following information applies to the questions displayed below.] Cheetah Copy purchased a new copy machine. The new machine cost $120,000 including installation. The company estimates the equipment will have a residual value of $30,000. Cheetah Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year 1 2 3 4 Hours Used 2,5ee 2,200 1,989 2,000 Required: 1. Prepare a depreciation schedule for four years using the straight-line method. (Do not round your Intermediate calculations.) CHEETAH COPY Depreciation ScheduleStraight-Line End of Year Amounts Year Depreciation Accumulated Book Value Expense Depreciation 1 2 3 4 Total S Saved Required Information [The following information applies to the questions displayed below) Cheetah Copy purchased a new copy machine. The new machine cost $120,000 including installation. The company estimates the equipment will have a residual value of $30,000. Cheetah Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows: Year Hours Used 2,500 2,200 1,989 2,000 3 2. Prepare a depreciation schedule for four years using the double-declining balance method. (Hint: The asset will be depreciated in only two years.) (Do not round your Intermediate calculations.) CHEETAH COPY Depreciation Schedule Double Declining Balance End of Year Amounts Depreciation Accumulated Year Book Value Expense Depreciation 1 2 2 4 Total Next

Answer & Explanation Solved by verified expert

See Answer