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Green Acres Farms just purchased a tractor on January 1, 2020. The total purchase price (cost) was...

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Question

Accounting

Green Acres Farms just purchased a tractor on January 1,2020.

The total purchase price (cost) was $600,000.

They expect to use the tractor for 5 years and sell for$100,000.

Assume according to MACRS, they can depreciate tractors for 3years using 150% declining balance.

Complete the following depreciationquestions.

PART A

Fill in the economic depreciation table usingthe straight-linemethod.

Year

Remaining value at beginning ofyear

Depreciation

Remaining value at end ofyear

2020

[Q30]

[Q31]

[Q32]

2021

2022

[Q33]

2023

[Q34]

2024

[Q35]

Answer & Explanation Solved by verified expert
4.1 Ratings (836 Votes)
Depreciation using straight line method Cost of asset Salvage Value No of years of life Depreciation using straight line method    See Answer
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