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The GHI Company has the following Fixed Asset. The company prepares statements on a calendar...

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Accounting

The GHI Company has the following Fixed Asset. The company prepares statements on a calendar year basis.

March 1: Purchased equipment for $7,000 on October 1 of the calendar year. The salvage value is $1,000 and it has a life of 6 years. Determine the depreciation for the current year (which is a partial year) and the following year (which is a full 12 month year) under the following methods:

  1. Straight-Line Method
  2. Double-Declining Balance Method

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