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ans plz Sheridan Limited purchased a machine on account on April 1, 2021 at an invoice price of $ 374,390. On April 2. it paid
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Sheridan Limited purchased a machine on account on April 1, 2021 at an invoice price of $ 374,390. On April 2. it paid $ 1,940 for delivery of the machine. A one-year. $ 3.750 insurance policy on the machine was purchased on April 5. On April 19. Sheridan paid $ 8.320 for installation and testing of the machine. The machine was ready for use on April 30. Sheridan estimates the machine's useful life will be five years ok 256 units with a residual value of $ 74.750. Assume the machine produces the following numbers of units each year: 985 units in 2021: 1,546 units in 2022: 1,288 units in 2023:1,352 units in 2024; and 1,085 units in 2025. Sheridan has a December 31 year end. (a) your answer is correct. Determine the cost of the machine. Cost of the machine 084,650 (1) Straight-line method Year Depreciable Amount Depreciation Expense 2021 Accumulated Depreciation $ 309900 41320 $ 41320 2022 309900 61980 203300 2023 309900 61980 165280 2024 309900 61980 227260 2025 309900 61980 289240 2026 309900 20660 309900 (2) Double-diminishing-balance method Year Opening Carrying Amount Depreciation Expense Accumulated Depreciation CA 2021 $ 384650 $ 202578 $ 102573 2022 282077 112831 215404 2023 169246 167598 289102 2024 101548 26798 309900 2025 74750 CO9900 2026 774750 309900 (3) Units-of-production method -of-production Depreciation Expense Accumulated Depreciation Carrying Amount $ 48793 69 365857 125677 259273 189 180 195470 256153 128497 309900
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