50.1K

Verified Solution

Link Copied!

graphic service co ourchases a new cokor copier at the befinnjng of 2014

Graphics Service Co. purchased a new color copler at the beginning of 2014 for $47,000. The copler is expected to have a five-year useful life and a $7,000 salvage value. The expected copy production was estimated at 2,000,000 copies. Actual copy production for the five years was as follows: 2014 2015 2016 2017 2018 560,000 490.000 430.000 350,000 210,000 Total 2,040,000 The copler was sold at the end of 2018 for $7.600. value 1.00 points Required information Required a. Compute the depreciation expense for each of the five years, using double-declining-balance depreciation (Leave no cells blank.be certain to enter"0" wherever required.) Double Declining Balance $ 2014 2015 18.800 11,280 6.768 3.152 $ $ $ $ 2016 2017 2018 0 Required b. Compute the depreciation expense for each of the five years, using units-of-production depreciation. (Round cost per unit to three decimal places.) 2014 2015 2016 2017 2018 Units of Production $ 11,200 $ 9,800 $ 8,600 s 7,000 eBook & Resources eBook LO 6-3 Explain how different depreciation methods affect financial statements eBook LO 6-4 Determine how gains and losses on disposals of long term operational assets affect financial statements. Check my work 3. 1.00 points Required information c. Calculate the amount of gain or loss from the sale of the asset under each of the depreciation methods Amount Effect Depreciation Methods Double-Declining Balance Units-of-Production

Answer & Explanation Solved by verified expert

See Answer