compute depreciation for each year, in total depreciation of all years combined for the machine under each depreciation method.
please help im not sure what im missing from tne equation! i used this equation:
A machine costing $212,000 with a four-year life and an estimated $20,000 salvage value is installed in Luther Company's factory on January 1. The factory manager estimates the machine will produce 480,000 units of product during its life. It actually produces the following units: 121,400 in Year 1, 123,900 in Year 2, 121,000 in Year 3, 123,700 in Year 4, The total number of units produced by the end of Year 4 exceeds the original estimate-this difference was not predicted. Note: The machine cannot be depreciated below its estimated salvage value: Required: Compute depreciation for eachyear (and total depreciation of all years combined) for the machine under each depreciation method: Note: Round your per unit depreciation to 2 decimal places. Round your answers to the nearest whole dollar. Q Answer is not complete. Complete this question by entering your answers in the tabs below. Compute depreciatoon for each year (and total depreciation of all years combined) for the machine under the straight-line depreciavon. produced auring its usetur ite. units or production can be expressed in procuct or otner units such as nours used or mines driven. 2. Compute depreciation expense for the period by multiplying the depreciation per unit by the units produced in the period. The computation for the machine described in 9 Exhibit 8.5 is in Exhibit 8.9. The company reports that 7,000 shoes are inspected and sold in its first year. EXHIBIT 8.9 Units-of-Production Depreciation Formulo Step1Depreciationperunit=TotalunitsofproductionCostSalvagevalue=36,000shoes$10,000$1,000=$0.25pershoeStep2Depreciationexpense=DepreciationperunitUnitsproducedinperiod$0.25pershoe7,000shoes=$1,750 Using data on the number of units inspected (shoes produced) by the machine, we compute the units-ofproduction depreciation schedule in Exhibit 8.10. For example, depreciation for the first year is $1,750 ( 7,000 shoes at $0.25 per shoe). Depreciation for the second year is $2,000 ( 8,000 shoes at $0.25 per shoe). Exhibit 8.10 shows (1) depreciation expense depends on unit output, (2) accumulated depreciation is the total of current and prior periods' depreciation expense, and (3) book value declines each period until it equals salvage value, Once an asset's book value equals its salvage value, depreciation stops