and Carrying amount for each year

and carrying amount for each year

In recent years, Crane Corporation has purchased three machines. Because of frequent employee turnover 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. Residual Value Useful Life (in years) Machine Acquired Cost Depreciation Method 1 Jan. 1, 2018 $86,400 $12,400 5 Straight-line 2 July 1, 2019 88,750 10,060 5 Diminishing-balance 3 Nov. 1, 2019 69,390 6,030 6 Units-of-production For the diminishing-balance method, Crane Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 26,400. Actual hours of use in the first 3 years were: 2019,400; 2020, 4,210; and 2021, 5,000. Prepare separate depreciation schedules for each machine. Prepare the schedule for all years, information permitting. (Round depreciation per unit to 2 decimal places, e.g. 5.20 and answers to the nearest whole dollar, e.g. 5,275. Do not leave any answer field blank. Enter O for amounts.) Machine 1: Straight-line depreciation Calculation Depreciable Amount Depreciation Rate # of months Depreciation Expense Accun Depre Year 2018 $ % $ $ 2019 % 2020 % 2021 % 2022 % Prepare separate depreciation schedules for each machine. Prepare the schedule for all years, information permitting. (Round depreciation per unit to 2 decimal places, e.g. 5.20 and answers to the nearest whole dollar, e.g. 5,275. Do not leave any answer field blank. Enter o for amounts.) Machine 1: Straight-line depreciation Calculation End of Year Depreciation Rate # of months Depreciation Expense Accumulated Depreciation Carrying Amount % $ ta $ % % % % Machine 2: Diminishing-balance depreciation Calculation Carrying Amount Beg. of Year Depreciation Rate # of months Depreciation Expense Accun Depre Year 2019 $ % ta $ 2020 % 2021 % 2022 ODO 2023 % Machine 3: Units-of-production depreciation Calculation End of Units-of- Production Depreciation Cost/Unit Depreciation Expense Accumulated Depreciation Year 2019 $ $ $ 2020 2021 If Machine 2 was purchased on October 1 instead of July 1, what would be the depreciation expense for this machine in 2019? In 2020? Depreciation expense in 2019 $ Depreciation expense in 2020