Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Accounting, I need hand write calculations step by step please Indicate the best answer for each question in the space provided. Use the following data
Accounting, I need hand write calculations step by step please Indicate the best answer for each question in the space provided. Use the following data for the four independent questions which follow: On 5 May 2010, Lloyd purchased a machine for $84,000. The estimated life of the machine was 10 years, with an estimated residual value of $10,000. The service life in terms of "output" is estimated at 8,000 hours of operation. er to the above data. Assume Lloyd uses straight-line depreciation with the half-year convention. Depreciation expense to be recognized in 2010 (the year of purchase) is: a $7,400. b $8,400. S3,700. d Some other amount 1 Ref 2 Assume Lloyd uses 200% declining balance depreciation with the half- Refer to the data above. year convention Depreciation expense to be recognized in 2011 (the second year of ownernship) is: $8,400. b $13,120. S15,120. d Some other amount. Refer to the data above Assume Lloyd uses 150% declining balance depreciation with the half- year convention. Depreciation expense to be recognized in 2010 (the year of purchase) is: a $8,400. b $6,300.c $12,600. d Some other amount 4 Refer to the data above. Assume Lloyd uses the units-of-output method, and that the machine was in operation for 1,000 hours in 2010 and 1,800 hours in 2011. The book value of the machine at 31 December 2011 is: 4 $48,100. b $58,100. c $25,900. d Some other amount
Accounting, I need hand write calculations step by step please
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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