An Asset Is Purchased on January 1 at a Cost

Essay

An asset is purchased on January 1 at a cost of $25,000. It is expected to be used for four years and have a salvage value of $1,000. Calculate the depreciation expense for each year of the asset's useful life under each of the following methods:
a.
Straight-line method
b.
Double-declining-balance method
c.
Sum-of-the-years-digits' method