Norton Construction Company purchased a cement mixer for $14,500. The mixer is expected to have a useful life of 5 years and a residual value of $1000 at the end of that time. According to engineers,...

Norton Construction Company purchased a cement mixer for $14,500. The mixer is
expected to have a useful life of 5 years and a residual value of $1000 at the end of that
time. According to engineers, the mixer has an estimated life of 7,500 hours, of which
2,625 hours were used in yr 1902. The company’s year-end is Dec 31.
Required:
a. Compute the depreciation expense for year 1902 assuming the cement mixer was
purchased on Jan 1901 using Straight line method and Double Declining balance
method.
b. Do journal entry to record the depreciation expense computed in part a.