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Question: Sketches Inc. purchased a machine on January 1, 2016. The cost of the machine was $24,500. Its estimated residual value was $7,500 at the end of an estimated 5-year life. The company expects to produce a total of 10,000 units. The company produced 950 units in 2016 and 1,400 units in 2017.

Required: a. Calculate depreciation expense for 2016 and 2017 using the straight-line method.

b. Calculate the depreciation expense for 2016 and 2017 using the units-of-production method. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.)

c. Calculate depreciation expense for 2016 through 2020 using the double-declining balance method. (Round your final answer to nearest dollar value.)

Accounting Basics, Accounting

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  • Reference No.:- M92552985
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