At the beginning of 2011, Precision Manufacturing purchased a new computerized drill press for $53,400. It is expected to have a five-year life and ........

At the beginning of 2011, Precision Manufacturing purchased a new computerized drill press for $53,400. It is expected to have a five-year life and ........

Q:


At the beginning of 2011, Precision Manufacturing purchased a new computerized drill press for $53,400. It is expected to have a five-year life and a $4,690 salvage value.

Required:

(a) Compute the depreciation for each of the five years, assuming that the company uses.

(1) Straight-line depreciation.

(2) Double-declining-balance depreciation.

(b) Record the purchase of the drill press and the depreciation expense for the first year under the straight-line and double-declining-balance methods in a financial statements model.

(c) Prepare the journal entries to recognize depreciation for each of the five years, assuming that the company uses

(1) Straight-line depreciation.

(2) Double-declining-balance depreciation.



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