Alton Corp _Computations of Depreciation

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Description

On May 1, 2012 Alton Corp purchased mining
equipment by issuing an 8 year note with 8% interest and annual payments of
$4,600. The first of the 8 pmts was made up front. The mining equipment will be
worth $4,200 at the end of the 8 years and sold for that amount. Please
calculate depreciation for 2012 and 2013 using straight-line, double-declining
balance and sum of the years’ digits methods.

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