Depreciation calculation methods - partial year.
High Co. purchased a new machine on July 2, 2013, 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.
A. Calculate the depreciation expense for each year of the asset's life using:
1. Straight-line depreciation
2. Double-declining-balance depreciation
3. 150% declining-balance depreciation
B. How much depreciation expense should be recorded by High Co. for its fiscal year ended December 31, 2013, uner each of the three methods in part A.
C. Calculate the accumulated depreciation and net book value of the machine at December 31, 2014, under each of the three methods in part A.