Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Alberta Manufacturing Co. (AMC) installed a computerized machine in its factory at a cost of $250,000 on July 1, 2022. The machine has an estimated
Alberta Manufacturing Co. (AMC) installed a computerized machine in its factory at a cost of $250,000 on July 1, 2022. The machine has an estimated useful life of five years or a total of 155,000 units with a $25,250 residual value. The original plan was to produce approximately the same number of units per year but the actual production was: 2022=15,600 units; 202341,900;202429,100 units; 2025 - 47,300 units: and 2026 - 21,100 units. AMC's year end is December 31 and adjusting entries are done annually. Optional excel spreadsheet that you can use to prepare your calculations: 2 . Depreciation_ACCT215_PTstudies_FE.xI5x REQUIRED: a. Calculate the depreciation expense using the Units of Production method for 2022 and 2023. (2 marks) For 2022 A. For 2023: b. What would be the balance in the Accumulated Depreciation - Machine account pe at the end of 2023 based on your Units of Productions calculations above? ( 1 lark) Iccumulated depreciation: c. Fill in the spaces below to indicate what the partial Statement of Finaricial Position (or Balance Sheet) would look like under the Units of Production method at the end of December 31, 2026. (2 marks) Cost: Accumulated depreciation: A Net Book Value (Carrying Value): A
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