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Problem P11-1 Problem 1P Chapter CH11 Problem 1P Depreciation Methods Winsey Company purchased equipment on January 2 2016, for $700,000. The equipment has the following characteristics: Estimated service life 20 years, 100,000 hours, 950,000 units of output Estimated residual value $50,000 During 2016 and 2017, the company used the machine for 4,500 and 5,500 hours, respectively, and produced 40,000 and 60,000 units, respectively, Required: Compute depreciation expense for 2016 and 2017 under each of the following methods 1. straight-line method 2 activity method based on hours worked (round the depreciation rate per hour to 2 decimal places) 3. activity method based on units of output (round the depreciation rate per unit to 2 decimal places) 4. sum-of-the-years-digits method 5. double-declining balance method 6. 150%-declining balance method 7. Next Level If Winsey used a service life of 16 years, 80,000 hours, or 750,000 units of output, what would be the effect on depreciation expense under the straight-line, sum- of-the-years-digits, and declining balance depreciation methods? Round your answers to the nearest dollar Depreciation Formula Rate of Depreciation 2019 2020 per year per hour NN66GGERE per unit SYD denominator An astonisk appeal 5 6 Method 7 8 9 1 Straight-line method 10 11 12 13 2. Activity method (hours worked) 14 15 16 17 3. Activity method (units of output) 18 19 20 214 Sum-of-the-years-digits method 22 23 24 25 5. Double-declining balance method 26 27 28 29 6. 150%-declining balance method 30 31 32 33 7 34 Straight line method 35 36 37 38 Activity method (hours worked) 39 40 41 straight-line rate ||||||| straight-line rate per year per hour Activity method (units of output) per unit Sum of the years digits method SYD denominator 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 Double-declining balance method straight line rate U11 150%-declining balance method straight line rate