Assignment Problem: On July 1, 2020, Yorkton Company purchased for $430,000 equipment having an estimated useful life of ten years with an estimated residual value of $30,000. Depreciation is calculated to the nearest month. The company has a December 31 year-end.
Required: Complete the following schedules:
1. Using the double-declining depreciation method, calculate the equipment, less the accumulated depreciation, the year-end book value and the depreciation expenses for the year 2020, 2021 and 2022.
2. Using the straight-line depreciation method, calculate the equipment, less the accumulated depreciation, the year-end book value and the depreciation expenses for the year 2020, 2021 and 2022.
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