Question 1 (10 points) Rahim Corporation purchased a boardroom table for $17,000. The...
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Question 1 (10 points) Rahim Corporation purchased a boardroom table for $17,000. The company planned to keep it for four years, after which it was expected to be sold for $1,000. Rahim has a December 31 year end. 1. Calculate the depreciation expense for the first year under (1) the straight-line method (Blank 1), and (2) the double-diminishing-balance method (Blank 2), assuming the table was purchased on January 1 of the year 1. 2. Assuming Rahim sold the table for $5,800 at the end of the third year, calculate the gain or loss on disposal under the straight-line method (Blank 3) and the double-diminishing balance method (Blank 4). Blank # 1 AJ Blank # 2 AJ Blank # 3 Blank #4
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