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I got requirement 1 correct, I need help with requirement 2 At the beginning of the year, Young Company bought three used machines from Vince,
I got requirement 1 correct, I need help with requirement 2
At the beginning of the year, Young Company bought three used machines from Vince, Inc. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Amount paid for asset Installation costs $7,650 $25,700 $9,400 650 1,250 360 Renovation costs prior 1,600 1,150 Repairs after production began 410 350 By the end of the first year, each machine had been operating 2,00o hours Required: 1. Compute the cost of each machine. 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: TIP: Remember that the fomula for double-declining-balance uses cost minus accumulated depreciation (not residual value). Estimates Residual Value Machine Life Depreciation Hethod $200Straight-line years B 10,000 hours 600 Units-of-production Double-declining balance 6 years 900 Answer is not complete. Complete this question by entering your answers in the tabs below Required Required Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreciation (not residual value). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Show lessA 1,8603 Machine 70 K Required 1 Required2Step by Step Solution
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