Question

Global Manufacturing Company purchased new equipment on April 25, 2021, at a cost of $80000. Useful life of this equipment was estimated at 4 years, with an estimated residual value of $5000. For income tax purpose, this equipment is classified as “5-years property”. Instructions: Compute the annual depreciation expense for each year until this equipment becomes fully depreciated under each of depreciation method listed below. i) Straight-line, with depreciation for fractional years rounded to the nearest whole month. ii) 200%- declining-balance, with the half-year convention​

Answer 1

Answer:

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