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On July 1, 2010, Winter Wonderland Company purchased for $2,160,000 snow-making equipment having...

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Accounting

On July 1, 2010, Winter Wonderland Company purchased for $2,160,000 snow-making equipment having an estimated useful life of 5 years with an estimated residual value of$90,000. Depreciation is taken for the portion of the year the asset is used.

Instructions: Compute for the following

1. Book value of asset 2010 Sum of Years Digits Method

2. Book value of asset 2011 Sum of Years Digits Method

3. Book value of asset 2010 Double Declining Balance Method

4. Book value of asset 2011 Double Declining Balance Method

5. Depreciation expense 2010 Sum of Years Digits Method

6. Depreciation expense 2011 Sum of Years Digits Method

7. Depreciation expense 2010 Double Declining Balance Method

8. Depreciation expense 2011 Double Declining Balance Method

Answer & Explanation Solved by verified expert
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