Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume Organic Ice Cream Company, Inc, bought a new ice cream production Kit (pasteurizer/homogenizer, cooler, aging vat, freezer, and filling machine) at the beginning of

image text in transcribed

image text in transcribed

image text in transcribed

Assume Organic Ice Cream Company, Inc, bought a new ice cream production Kit (pasteurizer/homogenizer, cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $24,000. The estimated useful life was four years, and the residual value was $2,580. Assume that the estimated productive life of the machine was 10,200 hours. Actual annual usage was 4080 hours in Year 1:3,060 hours in Year 2: 2,040 hours in Year 3 and 1020 hours in Year 4. Required: 1. Complete a separate depreciation schedule for each of the alternative methods a. Straight-line. b. Units-of-production c. Double-declining-balance. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 1C Complete a depreciation schedule using the Straight-line method. (Do not round intermediate calculations.) Year Depreciation Expense Accumulated Depreciation Net Book Value At acquisition 1 2 3 4 Reg 1A Reg 1B Req 1C Complete a depreciation schedule using the units-of-production method. (Use two decimal places for the per unit output factor. Do not round intermediate calculations.) Year Depreciation Accumulated Expense Depreciation Net Book Value At acquisition 1 2 3 4 Req 1A Reg 1B Reg 1c Complete a depreciation schedule using the double-declining-balance method. (Do not round intermediate calculations.) Year Depreciation Expense Accumulated Depreciation Net Book Value At acquisition 1 2. 3 4

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Auditing

Authors: Graham W. Cosserat, Neil Rodda

3rd Edition

0470319739, 9780470319734

More Books

Students also viewed these Accounting questions