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Compute depreciation for the equipment for fiscal years

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Reference no: EM132074214

Question - Gear Inc. purchased equipment costing $420,000 with an estimated residual value of $20,000 and a useful life of eight years on May 1, 2009. Gear Inc. is a calendar-fiscal year and computes depreciation to the nearest month (the firm does not use a convention approach to fractional depreciation).

Compute depreciation for the equipment for fiscal years 2009 and 2010 under the sum-of-years' digits (SYD) method and the double declining balance (DDB) method. Place your amounts rounded to the nearest dollar in the appropriate columns.

Reference no: EM132074214

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