Freedom Co. purchased a new machine on July 2, 2010, at a total installed cost of $44,000. The machine has an estimated life of five years and an estimated salvage value of $6,000. Calculate the accumulated depreciation and net book value of the machine at December 31, 2011, under each of the three methods.
1. Straight-line- Cost:44,000 What is the Accumulated depreciation? and Net book Value?
2. Double Declining Balance- Cost 44,000. What is the Accumulated depreciation? and Net book Value?
3. 150% Declining Balance - Cost 44,000. What is the Accumulated depreciation? and Net book Value?