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Hi teachers! Please help me with this! Thanks! Capital Asset Question IBM Ltd purchased a machine on June 31,2015 for $85000 cash.It had an estimated
Hi teachers! Please help me with this! Thanks!
Capital Asset Question IBM Ltd purchased a machine on June 31,2015 for $85000 cash.It had an estimated useful life of 5 years and a salvage value of $20000. The company's year-end is Dec 31 . The estmated total production units of the machine are 35000. The table below shows the annual production estimated 2015 9500 units 2016 12100 units 2017 10000 units 2018 7500 units 2019 8200 units Required 1. Prepare a schedule of depreciation using unit of production method 2. Journalize the depreciation expense of year 2015 and 2016 3. Give a balance sheet extract of the machine in year 2017 Step by Step Solution
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