Problem 1: On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for $62,000. The estimated service life is eight years and the total units of output to be 200,000. The estimated residual value is $8,000. Using the straight-line method, how much is: (Enter only whole dollar values.)
1. The 2017 depreciation expense.
2. The accumulated depreciation after the fiscal year 2017 adjusting entry.
3. The book value of the truck after the fiscal year 2017 adjusting entry.
Problem 2: Bravo Company purchased equipment on October 1, 2016. Bravo paid $60,000 for equipment and paid an additional $500 for shipping and $200 to place the equipment in service. The equipment is expected to have a $6,000 residual value and an 8-year life. Bravo has a December 31 fiscal year end. Using the double-declining balance method, how much is: (Enter only whole dollar values.)
1. The 2018 depreciation expense.
2. The accumulated depreciation after the fiscal year 2018 adjusting entry.
3. The book value of the truck after the fiscal year 2018 adjusting entry.
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