Question - Lockard Company purchased machinery on January 1, 2014, for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years.
(a) Compute 2014 depreciation expense using the straight-line method.
(b) Compute 2014 depreciation expense using the straight-line method assuming the machinery was purchased on September 1, 2014.