Homework Q3

On January 1, 2020, Ramacos purchased a machine for manufacturing hunting rifles for $54,000. The company expects the machine to last for 3 years or 8,000 units of production, with an estimated residual value of $7,520.

To do...:

1. Calculate depreciation and book value for each year of the machines estimated useful life using the units of production method. The actual production per year is listed below. Space has been provided below to show your calculations. Round to two decimal spaces.

2020................. 4,000 2021............... 2,500 2022.1,500

Year	Depreciation Expense	Book Value
2020
2021
2022

Write out your calculations...