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Sheffield Corp. purchased equipment on January 1, 2021 for $139,500. It is estimated that the equipment...

Sheffield Corp. purchased equipment on January 1, 2021 for $139,500. It is estimated that the equipment will have a $7,750salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 155,000 units over its 5-year life.

Answer the following independent questions.

Compute the amount of depreciation expense for the year ended December 31, 2021 using the straight-line method of depreciation.

Straight-line method $enter the depreciation expense under the straight-line method for the year ended December 31, 2016 in dollars per year

  

  

Question Part Score

--/3

If 16,000 units of product are produced in 2021 and 24,000 units are produced in 2022, what is the book value of the equipment at December 31, 2022? The company uses the units-of-activity depreciation method.

Book value at December 31, 2022 $enter the book value of the equipment at December 31, 2017 in dollars

  

  

Question Part Score

--/5

If the company uses the double-declining-balance method of depreciation, what is the balance of the Accumulated Depreciation—Equipment account at December 31, 2023?

Accumulated Depreciation—Equipment enter the balance of the Accumulated Depreciation—Equipment account at December 31, 2018 in dollars
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