Problem 7-3 I am having difficulty with and I will have it on my midterm, need a solution….

Problem 7-3 I am having difficulty with and I will have it on my midterm, need a solution….

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Problem 7-3 Depreciation by two methods; partial years
Knife Edge Company purchased tool sharpening equipment on July 1, 2010,
for $16,200. The equipment was expected to have a useful life of three years
and a residual value of $900.
INSTRUCTIONS
Determine the amount of depreciation expense for the years ended December 31,
2010, 2011, 2012 and 2013, by (a) the straight-line method and (b) the double-
declining-balance method.

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