In recent years, Ivanhoe Corporation has purchased three machines. Because of frequent employee turnover in the accounting
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Question:
In recent years, Ivanhoe Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below.
Machine Acquired Cost Residual Value Useful Life in years Depreciation Method
Jan. $ $ Straightline
July Diminishingbalance
Nov. Unitsofproduction
For the diminishingbalance method, Ivanhoe Corporation uses double the straightline rate. For the unitsofproduction method, total machine hours are expected to be Actual hours of use in the first years were: ; ; and
Prepare separate depreciation schedules for each machine. Prepare the schedule for all years, information permitting.
Machine : Straightline depreciation
Machine : Diminishing Balance depreciation and
Machine : unit of product depreciation
Include Year Depreciable Cost, Depreciation rate, number of Months, Depreciation Expense, accumulated Depreciation, carrying amount on the table for the years,
Posted Date: