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Prepare a depreciation schedule for the equipment

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Reference no: EM131792772

Question - On January 1, 2010, Sparks Company purchased for $2,160,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $90,000.

Required:

a. Prepare a depreciation schedule for the equipment using the double declining method; assume that Spark elects to switch to the straight line method in year three.

b. Indicate any related reporting required in order for Spark's financial statements to be in accordance with GAAP.

Reference no: EM131792772

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