Reference no: EM13928494
Sure Shot Photo Service purchased a new color printer at the beginning of 2013 for $42,000. The printer is expected to have a four year useful life and a $2,000 salvage value. The expected print production is estimated at 1,600,000 pages. Actual print production for the four years was as follows:
2013 ....... 370,000
2014 ....... 410,000
2015 ....... 420,000
2016 ....... 430,000
Total ...... 1,630,000
The printer was sold at the end of 2016 for $1,600.
Required:
a. Compute the depreciation expense for each of the four years, using double declining balance depreciation.
b. Compute the depreciation expense for each of the four years, using units of production depreciation.
c. Calculate the amount of gain or loss from the sale of the asset under each of the depreciation methods.
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