Problem: Tan Chin Company purchased a piece of equipment that cost $205,000 on January 1, 2018. The equipment consisted of three incompetents:
|
Component
|
Cost
|
Residual Value
|
Estimated Useful Life
|
|
ABC
|
$70,000
|
$6,000
|
10 years
|
|
DEF
|
50,000
|
4,000
|
5 years
|
|
XYZ
|
85,000
|
7,000
|
12 years
|
Calculate Tan Chin's depreciation expense for this equipment at December 31, 2018.
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