Compute the straight-line depreciation for this purchase, Accounting Basics

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Compute the straight-line depreciation for this purchase

Problem: Assume that MHS purchased equipment for $600,000 cash on April 1st (the first day of its fiscal year). This equipment has an expected life of 10 years. The salvage value is 10 percent of cost. No equipment was traded in on this purchase.

1. Compute the straight-line depreciation for this purchase.

2. Compute the double declining balance depreciation for this purchase.

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Accounting Basics: Compute the straight-line depreciation for this purchase

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