On May 10, 2019, Horan Company purchased equipment for $25,000. The equipment has an estimated service life of 5 years and zero residual value. Assume that the straight-line depreciation method is used. Compute the depreciation expense for 2019 for each of the following four alternatives:1. Horan computes depreciation expense to the nearest day. (Use 12 months of 30 days each and round the dailydepreciation rate to 2 decimal places.)Copyright 2020 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to clectronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Leaming reserves the right to remove additional content at any time if subsequent rights restrictions require it.Exercises11-452. Horan computes depreciation expense to the nearest month. Assets purchased in the first half of the monthare considered owned for the whole month.3. Horan computes depreciation expense to the nearest whole year. Assets purchased in the first half of the yearare considered owned for the whole year.4. Horan records one-half year's depreciation expense on all assets purchased during the year.

Name: On May 10, 2019, Horan Company purchased equipment for $25,000. The eq
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Description: On May 10, 2019, Horan Company purchased equipment for $25,000. The equipment has an estimated service life of 5 years and zero residual value. Assume that the straight-line depreciation method is used. Compute the depreciation expense for 2019 for e