Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello there, I am struggling with this question :) I got stuck on the year 2023 for machine two in the table in picture 2.

Hello there, I am struggling with this question :)

I got stuck on the year 2023 for machine two in the table in picture 2. If you could help me figure out how to go about answering that portion of the question I would very much appreciate it.

image text in transcribedimage text in transcribed
Question 1 In recent years, Oriole 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. Residual Useful Life Machine Acquired Cost Value (in years) Depreciation Method Jan. 1, 2018 $100,500 $12,500 5 Straight-line N July 1, 2019 91,250 10,330 Diminishing-balance Nov. 1, 2019 71,806 5,740 6 Units-of-production For the diminishing-balance method, Oriole Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 25,410. Actual hours of use in the first 3 years were: 2019, 400; 2020, 4,320; and 2021, 4,710. Your answer is partially correct. Try again. Prepare separate depreciation schedules for each machine. Prepare the schedule for all years, information permitting. (Round depreciation per unit to 2 decimal places, e.g. 5.20 and answers to the nearest whole dollar, e.g. 5,275. Do not leave any answer field blank. Enter 0 for amounts.)Calculation End of Year Carrying Amount Depreciation # of Depreciation Accumulated Carrying Year Beg. of Year Rate months Expense Depreciation Amount 2019 91250 40 % 6/12 18,250 $ 18,250 73,000 2020 73,000 40 12/12 29,200 47,450 43,800 2021 43,800 40 12/12 17,520 64,970 26,280 2022 26,280 40 12/12 10,512 75,482 15,768 X * 2023 15,768 Machine 3: Units-of-production depreciation

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

Accounting For Decision Making And Control

Authors: Jerold Zimmerman

7th Edition

0078136725, 9780078136726

More Books

Students also viewed these Accounting questions

Question

Define induction and what are its objectives ?

Answered: 1 week ago

Question

Discuss the techniques of job analysis.

Answered: 1 week ago

Question

How do we do subnetting in IPv6?Explain with a suitable example.

Answered: 1 week ago

Question

Explain the guideline for job description.

Answered: 1 week ago

Question

What is job description ? State the uses of job description.

Answered: 1 week ago