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Fill out tables! Dont need calculations! Fill out the tables and recieve a like! In recent years, Cullumber Corporation has purchased three machines. Because of
Fill out tables! Dont need calculations! Fill out the tables and recieve a like!
In recent years, Cullumber Corporation 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 Acquired Residual Value Cost Useful Life (in years) Depreciation Method 1 Jan 1, 2022 $89.900 $12,000 5 2 July 1, 2023 92,500 9,350 5 Straight line Diminishing-balance Units-of-production 3 Nov. 1.2023 65.960 6,510 6 For the diminishing-balance method, Cullumber Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 23.780. Actual hours of use in the first 3 years were 2023, 380:2024 4,230; and 2025,4,830 (a) Prepare separate depreciation schedules for each machine. Prepare the schedule for all years information permitting (Round depreciation per unit to 2 decimal places, e8.5.20 and answers to the nearest whole dollar, eg. 5275. Do not leave any answer field blank. Enter for amounts) Machine 1: Straight-line depreciation Calculation Year Depreciable Cost Depreciation Rate for months Depreciation Expense 2022 $ 98 > 2023 96 > 2024 % 2025 96 2026 90 a) Prepare separate depreciation schedules for each machine. Prepare the schedule for all years information permitting (Round depreciation per unit to 2 decimal places, 8.5.20 and answers to the nearest whole dollar eg 5.275. Do not leave any answer field blank Enter for amounts Machine 1 Straight-line depreciation ulation End of Year eciation Rate #of months Depreciation Expense Accumulated Depreciation Carrying Amount E 96 96 96 > 98 96 Machine 2. Diminishing-balance depreciation Calculation Depreciation Year Carrying Amount Beg, of Year #of months Rate Depreciation Expense 2023 $ 96 V 2024 96 2025 96 > 2026 % > 2027 % % 96 :> Machine 3: Units-of-production depreciation End of Year Calculation Depreciation Cost/Unit Depreciation Expense Accumulated Depreciation Carrying Amount S $ Step by Step Solution
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