Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

could you please a2) In recent years, Larkspur Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant

could you please a2) image text in transcribed
image text in transcribed
image text in transcribed
In recent years, Larkspur 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 Useful Life (in years) Machine Acquired Cost $ 99,800 $ 13,000 8 Jan 1, 2020 1 Depreciation Method Straight-line Declining balance Units-of-activity 2 92,000 5 11,000 July 1, 2021 Nov. 1, 2021 104,000 8,000 6 3 For the declining balance method, Larkspur Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 32,000. Actual hours of use in the first 3 years were 2021, 600; 2022,4,700; and 2023, 6,700 Your answer is correct For Machine #3, calculate depreciable cost per hour under units-of-activity method. 3 Depreciable cost $ per hour e Textbook and Media Compute the amount of accumulated depreciation on each machine at December 31, 2023. Accumulated depreciation MACHINE 1 $ 392700 MACHINE 2 $ 16200 MACHINE 3 16000

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

Principles of Cost Accounting

Authors: Edward J. Vanderbeck

16th edition

9781133712701, 1133187862, 1133712703, 978-1133187868

More Books

Students also viewed these Accounting questions

Question

Discuss the general principles of management given by Henri Fayol

Answered: 1 week ago

Question

Detailed note on the contributions of F.W.Taylor

Answered: 1 week ago

Question

LO22.5 List the main elements of existing federal farm policy.

Answered: 1 week ago