Papa\'s fried chicken bought equipment on january 2, 2013 for $39,000. The equip

Question

Papa's fried chicken bought equipment on january 2, 2013 for $39,000. The equipment was expected to remain in service for four years and to perform 11,000 fry jobs. At the end of the equipment's useful life, Papa's estimates that its residual value will be $6000. The equipment performed 1100 fry jobs in the first year.

Calculate the first year depreciation expense and book value for equipment under each of the three depreciation methods. Remember the three methods are straight-line, units of production and double declining balance. Show your calculations and label the method.

Explanation / Answer

Papa's fried chicken bought equipment on january 2, 2013 for $39,000. The equip

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