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I need help with my wrong answers in the straight-line method, double-diminishing method and units of production method. Please indicate your full solutions and correct
I need help with my wrong answers in the straight-line method, double-diminishing method and units of production method. Please indicate your full solutions and correct answers. Thank you.
Carla Vista Ltd. purchased a new machine on April 4,2017 , at a cost of $176,000. The company estimated that the machine would have a residual value of $18,000. The machine is expected to be used for 10,000 working hours during its four-year life. Actual machine usage was 1,600 hours in 2017; 2,200 hours in 2018; 2,300 hours in 2019; 2,000 hours in 2020; and 1,900 hours in 2021. Carla Vista has a December 31 year end. Calculate depreciation for the machine under each of the following methods: (Round expense per unit to 2 decimal places, e.g. 2.75 and final answers to 0 decimal places, e.g. 5,275.) (1) Straight-line for 2017 through to 2021. 2017 expense $ 2018 expense $ 2019 expense $ 2020 expense $ 2021 expense $ (2) Diminishing-balance using double the straight-line rate for 2017 through to 2021. 2017 expense $ 2018 expense $ 2019 expense $ 2020 expense $ 2021 expense $ (3) Units-of-production for 2017 through to 2021. 2017 expense $ 2018 expense $ 2019 expense $ 2020 expense $ 2021 expense $Step by Step Solution
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