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On April 1, 2013, Parks Company purchased machinery at a cost of $42,000. The machinery is expected to last 10 years and to have a residual value of $6,000.

Show all work and compute the depreciation expense for 2013 and 2014 assuming:

a. Parks uses the straight-line depreciation method.

b. Parks uses the sum-of-the-years'-digits depreciation method.

c. Parks uses the double-declining balance depreciation method.

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  • Category:- Accounting Basics
  • Reference No.:- M943897

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