There are 2 questions. I really need about an hour and a half *

| June 3, 2016

Question
There are 2 questions. I really need about an hour and a half turn around on these PLEASE!! Submitting at 10:25am c need by 1:00 pm c.

1.) Equipment was acquired January 1, 2011 at a cost of $90,000. The equipment was originally estimated to have a salvage value of $5,000 and an estimated life of ten years. Depreciation has been recorded through December 31, 2014, using the straight line method. On January 1, 2015, the estimated salvage value was revised to $6,000 and the useful life was revised to a total of 8 years.

Instructions: Determine the depreciation expense for 2015.

2.) A plant asset acquired on October 1, 2014, at a cost of $400,000 has an estimated useful life of 10 years. The salvage value is estimated to be $40,000 at the end of the assets useful life.

Determine the depreciation expense for the first 2 years using

a. the straight line method

b. the double declining balance method

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