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On January 1, 2016, Nicholas Company purchased Office Equipment for $ 175,000 with an estimated...

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Accounting

On January 1, 2016, Nicholas Company purchased Office Equipment for $ 175,000 with an estimated useful life of 5 years, or 275,000 hours and a residual value of $ 10,000. Compute the annual depreciation at the end of 2018, the 3rd year, under each of the following depreciation method for Nicholas Company:

1) Straight-Line Method
2) Units of Production Method, assume that a total of 70,000 hours were used in 2018.
3) Double-Declining Balance Method

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