Simpson Inc. just purchased a piece of equipment to be used in its factory operations....
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Accounting
Simpson Inc. just purchased a piece of equipment to be used in its factory operations. The cost of this machinery is $150,000, and the asset is expected to have a useful life of 3 years. The company anticipates a salvage value of $30,000 at the end of the asset's life.
Calculate the Depreciation Expense, accumulated depreciation and book value of the asset for each of the 5 years of the asset's life. Use the Straight-Line method for your calculations.
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