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Problem I Shamber Inc. purchased equipment on January 1, 2018, at a total cost of $68,000. At the time of purchase, managemen

problems 1 and 2 please

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Hey there. As per the HOMEWORKLIB POLICY, only ONE QUESTION AT A TIME CAN BE ANSWERED. Hence problem 1 is answered below. Problem 2 could be asked separately with the question number clearly specified.

TOTAL COST 68000
ESTIMATED SALVAGE VALUE 8000
DEPRICIABLE VALUE 60000
ESTIMATED USEFUL LIFE 6
ACCUMULATED DEPRICIATION UNTILL DEC 31 2020 60000/6 *3
= 10000 *3
ACCUMULATED DEPRICIATION UNTILL DEC 31 2020 30000
NET BOOK VALUE 38000 68000-30000
REVISED SALVAGE VALUE 3000
DEPRICIABLE VALUE 35000
REVISED TOTAL ESTIMATED LIFE 8
REMAINING LIFE 5 (8-3)
DEPRICIATION EXPENSE FOR 2021 35000/5
DEPRICIATION EXPENSE FOR 2021 7000$

A LOT OF EFFORT HAS BEEN PUT INTO THIS TO MAKE THIS EASILY UNDERSTANDABLE.

HOPE THIS WAS HELPFUL.

INCASE OF DOUBTS, COME BACK TO ME HERE.

DO CONSIDER GIVING THIS A THUMBS UP. INCASE OF DOUBTS, COME BACK TO ME HERE.

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