11 7 8 9 You may save the URL. part way through the question if you like as long as you save it after you have completed the que spreadsheet before the exam time expires or you will lowe your work Cells below have been formatted for NO decimal places. You may link your answers below so your des QUESTION: Xavier Babine Manufacturing (XBM) installed a computerized machine in its factory at a cost of $250,000 on July 1, 10 2022. The machine has an estimated useful life of five years or a total of 155,000 units with a $25.250 residual value XBM's year end is December 31 and adjusting entries are done annually. The original plan was to produce approximately the same number of units per year but the actual production was: 2022-15,600 units; 2023-41900, 2024-29,100 units 2025-47,300 units; and 2026-21,100 units. Please prepare your calculations in the template on the right. Then you can organize your answers below. PLEASE transfer all final answers to the exam. Straight Line YEAR 12 REQUIRED: 13 14 a. Calculate the depreciation expense the Straight-Line Depreciation method for 2022 and 2023. (2 marks) 15 16 17 For 2022: For 2023: 18 19 b. Prepare an adjusting journal entry to record depreciation for the year 2024 using your calculation for Straight-Line Depreciation Method above. 20 21 This question is in the exam as a multiple choice question. 22 3 Date General Journal Account Titles Debit Credit (2 marks) Page 2: 11 12 14 15 18 a. Calculate the depreciation expense using the Straight-Line Depreciation method for 2022 and 2023. For 2022: For 2023: Question 3 (2 points) Listen b. What is the entry to record depreciation for the year 2024 using your calculation for Straight-Line Depreciation Method? OA) Dr. Accumulated Depreciation 50,000 Cr. Depreciation Expense 50,000 B) Dr. Depreciation Expense 44,950 Cr. Accumulated Depreciation 44,950 OC) Dr. Depreciation Expense 50,000 Cr. Accumulated Depreciation 50,000 OD) Dr. Depreciation Expense 25,000 Cr. Accumulated Depreciation 25,000 Webcam 1 12 18 15 c. Calculate the depreciation expense using the Units of Production method for 2022 and 2023. For 2022: For 2023: Question 5 (1 point) Listen d. What would be the balance in the Accumulated Depreciation Machine be at the end of 2023 based on your Units of Production calculations in part c? Question 6 (2 points) 10 Listen A/ e. Fill in the spaces below to indicate what the partial Statement of Financial Position (or Balance Sheet) would look like under the Units of Production method at the end of December 31, 2026? 4 5 2: 8 9 11 12 18 15 e. Fill in the spaces below to indicate what the partial Statement of Financial Position (or Balance Sheet) would look like under the Units of Production method at the end of December 31, 2026? Cost Accumulated Depreciation Net Book Value (Carrying Amount) Question Listen (2 points) 2 2 f. Calculate the depreciation expense using the Double-Declining (or Double- diminishing) method for 2026 and 2027. For 2026: For 2027: Browser Webcam Question 8 (1 point) Listen 8 15 12 Question 8 (1 point) Listen g. If the company did use the equipment to produce the same number of units per year, which depreciation method would be the best choice and why? A) Straight line because it allocates equal parts of the cost per year over the total life of the asset. B) Units of production because the company is producing goods, not providing services. OC) Capital Cost Allowance (CCA) as it is required by the Canada Revenue Agency (CRA) for tax purposes. D) Double declining because equipment always wears out more quickly in the first 2 years. Question 9 (1 point) webcam 8 28 15 12 Question 9 (1 point) Listen h. Which depreciation method (if any) generates the highest depreciation expense over the life of the asset? A) None of the answers listed are correct. B) No method generates the highest depreciation expense over the life of the asset because the depreciable cost expensed is the same under each method. OC) Units of production method generates the highest depreciation over the life of the asset because depreciation takes the actual units into account. D) Double declining method generates the highest depreciation over the life of the asset because depreciation is doubled under this method. 11 9 QUESTION: Jum swers below to your calculations on the righ Xavier Babine Manufacturing (XBM) installed a computerized machine in its factory at a cost of $250,000 on July 1. 10 2022. The machine has an estimated useful life of five years or a total of 155,000 units with a $25.250 residoal value. XBM's year end is December 31 and adjusting entries are done annually. The original plan was to produce approximately the same number of units per year but the actual production was: 2022 15,600 units: 2023-41,900; 2024-29,100 units; 2025-47,300 units; and 2026-21,100 units, Please prepare your calculations in the template on the right. Then you can organize your answers below. PLEASE transfer all final answers to the exam. 12 REQUIRED: 13 14 a. Calculate the depreciation expense the Straight-Line Depreciation method for 2022 and 2023. (2 marks) 15 16 For 2022: For 2023: 17 18 19 b. Prepare an adjusting journal entry to record depreciation for the year 2024 using your calculation for Straight-Line Depreciation Method above. 20 21 This question is in the exam as a multiple choice question. 22 23 Date General Journal Account Titles Debit Credit 24 Your answer Copy of question New... (2 marks) Straight Line YEAR MacBook Air 2.022.00 250 000 2023.00 200.000 m 2024.00 1200001 2005.00 72.0000 2026 43.200 2027 25 920 YEAR Please prepare your calculations in the template on the right. Then you can org your answers below, PLEASE transfer all final answers to the exam Calculate the depreciation expense the Straight-Line Depreciation method for 2022 2023 12 REQUIRED 13 14 15 16 18 19 20 For 2022 For 2023 b. Prepare an adjusting journal entry to recond depreciation for the year 2024 using your calculation for Straight-Line Depreciation Method above 21 This question is in the exam as a multiple choice question 22 23 Date 24 25 26 27 28 29 General Journal Account Titles Debit Credit c. Calculate the depreciation expense using the Units of Production method for 2022 and 2023 LIELING (2 marks) Units of Production YEAR For 2022: For 2023: d. What would be the balance in the Accumulated Depreciation Machine be at the end of 2023 based on your Units of Production calculations in part c (1 mark) Accum. Depreciation Your answer Copy of question New 39 Accam Depreciation 40 e. Fill in the spaces below to indicate what the partial Statement of Financial Position for Balance Sheet) would look like under the Units of Production method at the end of December 31, 20267 41 42 43 Machinery 44 45 46 47 Cost Accumulated Depreciation Net Book Value (Carrying Amount) mark 48 50 49 f. Calculate the depreciation expense using the Double-Declining (or Double-diminishing) method for 2026 and 2027 Double Declining YEAR 2 marks) 51 52 53 54 For 2026 For 2027 56 57 55 g. If the company did use the equipment to produce the same number of units per year, which depreciation method would be the best choice and why? (1 mark) 58 This question is in the exam as a multiple choice question. 59 60 62 61 h. Which depreciation method (if any) generates the highest depreciation expense over the life of the asse Briefly explain. (1 mark) 63 64 This question is in the exam as a multiple choice question. 65 66 338 READY Your answer Copy of question New... 19 6 13 Page 1: 7 8 Page 2: 10 91 11 5 2 12 21 14 15 1 17 18 20 21 I a us LockDown Browser Webcam a. Calculate the depreciation expense using the Straight-Line Depreciation method for 2022 and 2023, For 2022: For 2023: Question 3 (2 points) Listen b. What is the entry to record depreciation for the year 2024 using your calculation for Straight-Line Depreciation Method? OA) Dr. Accumulated Depreciation 50,000 Cr. Depreciation Expense 50,000 B) Dr. Depreciation Expense 44,950 Cr. Accumulated Depreciation 44,950 C) Dr. Depreciation Expense 50,000 Cr. Accumulated Depreciation 50,000 OD) Dr. Depreciation Expense 25,000 Cr. Accumulated Depreciation 25,000 9 6 Down Browser Webcam Jb Listen c. Calculate the depreciation expense using the Units of Production method for 2022 and 2023. For 2022: For 2023: Question 5 (1 point) Listen d. What would be the balance in the Accumulated Depreciation - Machine be at the end of 2023 based on your Units of Production calculations in part c? A/ Question 6 (2 points) 5 8 9 11 12 18 15 e. Fill in the spaces below to indicate what the partial Statement of Financial Position (or Balance Sheet) would look like under the Units of Production method at the end of December 31, 2026? Cost Accumulated Depreciation Net Book Value (Carrying Amount) Question 7 (2 points) Listen f. Calculate the depreciation expense using the Double-Declining (or Double- diminishing) method for 2026 and 2027. For 2026: For 2027: Browser Webcam 4 5 2: 11 8 18 12 21 15 Listen 8(1 point) g. If the company did use the equipment to produce the same number of units per year, which depreciation method would be the best choice and why? A) Straight line because it allocates equal parts of the cost per year over the total life of the asset. OB) Units of production because the company is producing goods, not providing services. OC) Capital Cost Allowance (CCA) as it is required by the Canada Revenue Agency (CRA) for tax purposes. OD) Double declining because equipment always wears out more quickly in the first 2 years. Question 9 (1 point) 1: 2 12 crown Browser Webcam Question 9 (1 point) Listen h. Which depreciation method (if any) generates the highest depreciation expense over the life of the asset? A) None of the answers listed are correct. B) No method generates the highest depreciation expense over the life of the asset because the depreciable cost expensed is the same under each method. OC) Units of production method generates the highest depreciation over the life of the asset because depreciation takes the actual units into account. D) Double declining method generates the highest depreciation over the life of the asset because depreciation is doubled under this method. Page 1 of 5