Question - On April 1, 2013, Parks Company purchased machinery at a cost of $42,000. The machinery is expected to last 10 years and to have a residual value of $6,000.
Show all work and compute the depreciation expense for 2013 and 2014 assuming:
a. Parks uses the straight-line depreciation method.
b. Parks uses the sum-of-the-years'-digits depreciation method.
c. Parks uses the double-declining balance depreciation method.