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A machine that cost $388,300, with a four-year life and an estimated $40,000 residual value, was installed in Haley Companys factory on September 1, 2020.
A machine that cost $388,300, with a four-year life and an estimated $40,000 residual value, was installed in Haley Companys factory on September 1, 2020. The factory manager estimated that the machine would produce 430,000 units of product during its life. It actually produced the following units: 2020, 20,100; 2021, 115,100; 2022, 105,700; 2023, 102,300; and 2024, 96,600. The companys year-end is December 31.
A machine that cost $388,300, with a four-year life and an estimated $40,000 residual value, was installed in Haley Company's factory on September 1, 2020. The factory manager estimated that the machine would produce 430,000 units of product during its life. It actually produced the following units: 2020, 20,100; 2021, 115,100; 2022, 105,700; 2023, 102,300; and 2024, 96,600. The company's year-end is December 31. Required: Show the depreciation for each year and the total depreciation for the machine under each depreciation method calculated to the nearest whole month. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) Year Straight-line Units-of- production Double-Declining B alance 2020 2021 2022 2023 2024 TotalsStep by Step Solution
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