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On January 2, 20X1, the Hanover Company purchased some office equipment for $24,000. The equipment...

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Accounting

On January 2, 20X1, the Hanover Company purchased some office equipment for $24,000. The equipment is expected to have a useful life of five years and a salvage value of $3,000. Prepare a schedule showing the annual depreciation for each of the first three years of the asset's life under the straight-line method, the double-declining-balance method, and the sum-of-the-years'-digits method. (Do not round intermediate calculations.)

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