Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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
image text in transcribed
image text in transcribed
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

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_2

Step: 3

blur-text-image_3

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

Accounting, Representation And Responsibility

Authors: Niels Joseph Lennon

1st Edition

0367540436, 9780367540432

More Books

Students also viewed these Accounting questions

Question

Compare and contrast the three types of on-demand reports?

Answered: 1 week ago

Question

Understand the process of arbitration

Answered: 1 week ago

Question

Know the different variations of arbitration that are in use

Answered: 1 week ago