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Discuss depreciation based on the number of months the asset

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On April 29, 2016, Quality Appliances purchased equipment for $294,000. The estimated service life of the equipment is six years and the estimated residual value is $24,000. Quality's fiscal year ends on December 31. Required: Calculate depreciation for 2016 and 2017 using sum-of-the year's-digits listed. Quality calculates partial year depreciation based on the number of months the asset is in service.

Reference no: EM131750227

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