Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Attempt in Progress On April 22, 2023, Oriole Enterprises purchased equipment for $133.600. The company expects to use the equipment for 11.500 working

image text in transcribedimage text in transcribed

Current Attempt in Progress On April 22, 2023, Oriole Enterprises purchased equipment for $133.600. The company expects to use the equipment for 11.500 working hours during its four year life and that it will have a residual value of $14,000. Oriole has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was 1.500 hours in 2023 2.800 hours in 2024: 3,500 hours in 2025: 2.800 hours in 2026 and 1.100 hours in 2027 (01) Prepare a depreciation schedule for the life of the asset under the straight-line method. (Mound partial period depreciation rate to 4 decimal palces ea 152563% and other answers to O decimal places, eg 5,276) Year Depreciable Amount Depr Rate End of Year Depr Expense Accum Depr Carrying Amount Question 3 of 7 (a2) Prepare a depreciation schedule for the life of the asset under the double diminishing-balance method. (Round partial-period depreciat and other answers to O decimal places, e.g. 5,276) Carrying Amount Year Beginning of Year 2023 119600 Depr. Depr. Accum. Rate Expense Depr

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

Managerial Accounting

Authors: Ray Garrison, Eric Noreen and Peter Brewer

14th edition

978-007811100, 78111005, 978-0078111006

More Books

Students also viewed these Accounting questions

Question

What courses do your students assist with teaching this semester?

Answered: 1 week ago