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can someone please check if my answer is correct In recent years, Cullumber Company has purchased three machines. Because of frequent employee turnover in the
can someone please check if my answer is correct
In recent years, Cullumber 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. Machine Salvage Value Cost Useful Life (in years) Depreciation Method 1 $132,000 $32,000 10 Acquired Jan 1, 2020 July 1, 2021 Nov. 1, 2021 2 72,000 11.400 5 Straight-line Declining-balance Units-of-activity 3 79,000 9,000 7 For the declining-balance method, Cullumber Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 35,000. Actual hours of use in the first 3 years were: 2021, 620: 2022.5,000; and 2023,6,200. Compute the amount of accumulated depreciation on each machine at December 31, 2023. MACHINE 1 MACHINE 2 MACHINE 3 Accumulated Depreciation at December 31 $ 40000 $ $ 51264 $ 23640 Step by Step Solution
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