Super saver groceries purchased store equipment for $31,000. super saver estimates that at the end of its 10-year service life, the equipment will be worth $4,000. during the 10-year period, the company expects to use the equipment for a total of 10,000 hours. super saver used the equipment for 1,500 hours the first year. required: calculate depreciation expense of the equipment for the first year, using each of the following methods. (do not round your intermediate calculations.)

straight line method = $2,700

Using Double declining rate = $6,200

Activity based  = $4,050

Explanation:

Data provided:

Purchasing cost of the store equipment = $31,000

Service life = 10 years

Salvage value = $4,000

Useful life = 10,000 hours

Number of hours equipment used for the first year = 1,500

Now,

Depreciation using the straight line method

Annual depreciation  =

=

= $2,700

Using Double declining rate

Double declining rate =

= 2 × 0.1 × 100%

= 20%

Therefore,

Depreciation for the first year = $31,000 × 20%

= $6,200

Activity based

=

=

= $4050

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explanation:

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