Reference no: EM132478478
Question - Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at a cost of $140,000. The machine's estimated useful life at the time of the purchase was five years, and its residual value was $10,000. The company reports on a calendar year basis.
Required -
a-1. Prepare a complete depreciation schedule, beginning with the current year, using the straight-line method. (Assume that the half-year convention is used).
a-2. Prepare a complete depreciation schedule, beginning with the current year, using the 200 percent declining-balance method. (Assume that the half-year convention is used).
a-3. Prepare a complete depreciation schedule, beginning with the current year, using the 150 percent declining-balance, switching to straight-line when that maximizes the expense. (Assume that the half-year convention is used).
b. Which of the three methods computed in part a is most common for financial reporting purposes?
c. Assume that Swanson & Hiller sells the machine on December 31 of the fourth year for $32,000 cash. Compute the resulting gain or loss from this sale under each of the depreciation methods used in part a.
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