Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(b) If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2021? In

image text in transcribedimage text in transcribed

(b) If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2021? In 2022? (2) (1) 2021 2022 Depreciation expense Current Attempt in Progress In recent years, Metlock Company 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. Salvage Value Machine Cost Useful Life (in years) 8 1 Acquired Jan. 1, 2020 July 1, 2021 Nov. 1, 2021 $ 99,500 91,500 73,500 2 Depreciation Method Straight-line Declining-balance Units-of-activity $ 12,500 11,000 7,500 5 3 6 For the declining-balance method, Metlock Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 33,000. Actual hours of use in the first 3 years were 2021,700; 2022, 4,800; and 2023, 6,800

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

Primary English Audit And Test

Authors: Sue Reid, Angela Sawyer, Mary Bennett-Hartley

4th Edition

1446282759, 978-1446282755

More Books

Students also viewed these Accounting questions

Question

3. Define the roles individuals play in a group

Answered: 1 week ago