Answered step by step
Verified Expert Solution
Question
1 Approved Answer
5) In recent years, Cheyenne Company has purchased three machines. Because of frequent employee tumover in the accounting department, a different accountant was in charge
5)
In recent years, Cheyenne Company has purchased three machines. Because of frequent employee tumover 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 Salvage Value Useful life (in years) Depreciation Method Cost 1 Jan 1, 2020 $ 98,400 $12,000 8 Straight line 2 July 1, 2021 90.500 12.000 5 Declining balance 3 Nov 1, 2021 133,500 7,500 6 Units of activity For the declining balance method, Cheyenne Company uses the double-declining rate. For the units of activity method, total machine hours are expected to be 42.000. Actual hours of use in the first 3 years were 2021, 1,000: 2022,4,600; and 2023.7.700. For Bus #3, calculate depreciable cost per mile under units of activity method Depreciable cost per mile e Textbook and Media Compute the amount of accumulated depreciation on each machine at December 31, 2023, Accumulated depreciation MACHINE 1 $ 43200 MACHINE 2 $ 64436 MACHINE 3 $ 39900 eTextbook and Media it machine Zwas peleased on April 1 instead of July 2, what would be the depreciation expense for this machine in 20212 in 20222 (1) 2021 (2) 2022 Depreciation expense $ Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started