Question
Equipment was purchased for the cost of $85,000 on February 1. The companys fiscal year end is October 31. The equipment is estimated to have
Equipment was purchased for the cost of $85,000 on February 1. The companys fiscal year end is October 31. The equipment is estimated to have a four-year life and a $15,000 residual value. Based on experience, the equipment can produce 35,000 units of a product before it must be replaced. The actual units produced year are: Year 1 2 3 4 5 No. of Units 20,000 11,000 10,000 3,500 1,200 Complete the following Depreciation table for the equipment using units of production. Do not use dollar signs or commas.
ear | AnswerUnitsCarrying AmountYearsRate | AnswerUnitsYearsCarrying AmountRate | Depreciation Expense | Accumulated Depreciation | Carrying Amount |
1 | Answer
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| Answer
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2 | Answer
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3 | Answer
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| Answer
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4 | Answer
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5 | Answer
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