On April 22, 2023, Pharoah Enterprises purchased equipment for $134,860. The company expects to use...
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On April 22, 2023, Pharoah Enterprises purchased equipment for $134,860. The company expects to use the equipment for 11,800 working hours during its four-year life and that it will have a residu: value of $14,500. Pharoah has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 2,000 hours in 2023;2,500 hours in 2024;3,900 hours in 202 2,500 hours in 2026; and 1,100 hours in 2027. (a2) Prepare a depreciation schedule for the life of the asset under the double diminishing-balance method. (Round partial-period depreciation rate to 4 decimal palces, e.g. 15.2563% and other answers to 0 decimal places, e.g. 5,276.)
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On April 22, 2023, Pharoah Enterprises purchased equipment for $134,860. The company expects to use the equipment for 11,800 working hours during its four-year life and that it will have a residu: value of $14,500. Pharoah has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 2,000 hours in 2023;2,500 hours in 2024;3,900 hours in 202 2,500 hours in 2026; and 1,100 hours in 2027. (a2) Prepare a depreciation schedule for the life of the asset under the double diminishing-balance method. (Round partial-period depreciation rate to 4 decimal palces, e.g. 15.2563% and other answers to 0 decimal places, e.g. 5,276.) 