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ASAP please! find the Diminishing-balance depreciation and the Depreciation expense in 2023 and Depreciation expense in 2024 In recent years, Oriole Corporation has purchased three
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In recent years, Oriole 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. Machine Acquired Residual Value Useful Life (in years) Depreciation Method Cost $91,000 1 $12.700 5 Jan 1, 2022 July 1, 2023 2 86,250 9.250 5 Straight-line Diminishing-balance Units-of-production 3 Nov. 1. 2023 58,287 6,330 6 For the diminishing-balance method, Oriole Corporation uses double the straight-line rate. For the units of production method total machine hours are expected to be 22.590. Actual hours of use in the first 3 years were: 2023, 420: 2024.4.370; and 2025, 4,950. Machine 2: Diminishing-balance depreciation Calculation Carrying Amount Beg. of Year Depreciation Rate # of months Depreciation Expense Year 86,250 40 % 2023 $ $ 6/12 $ 40 96 70850 2024 12/12 1 2025 46210 96 40 12/12 40 96 12/12 2026 31426 22556 O 2027 %6 Machine 2: Diminishing-balance depreciation End of Year # of months Depreciation Expense Accumulated Depreciation Carrying Amount 6/12 15400 $ 15400 $ 70850 12/12 24640 40040 46210 12/12 14784 54824 31426 12/12 22556 3870 63694 5322 69016 9.250 * Your answer is incorrect, If Machine 2 was purchased on October 1 instead of July 1, what would be the depreciation expense for this machine in 2023? In 2024? Depreciation expense in 2023 7750 Depreciation expense in 2024 $ find the Diminishing-balance depreciation and the Depreciation expense in 2023 and Depreciation expense in 2024
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