Calculate depreciation expense: straight-line and double-declining balance methods. (LO 2)
On January 1, 2008, Hsieh & Wen’s Gourmet Taste of Asia purchased kitchen equipment for $51,500. Hsieh & Wen’s was also charged $1,650 for shipping and installation. The equipment is expected to have a useful life of 8 years and a salvage value of $3,150.
a. Compute the depreciation expense for the years 2008 through 2010, using the straight-line method (December 31 is the fiscal year-end.).
b. compute the depreciation expense for the years 2008 through 2010, using the double-declining balance method. (Round your answers to the nearest dollar.)
c. What is the book value of the equipment at the end of 2008 under each method?
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