Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I only need to fix part C. the other parts I have them correct. Quality Producers acquired factory equipment on 1 January 205, costing $194,000.

image text in transcribedimage text in transcribedI only need to fix part C. the other parts I have them correct.

Quality Producers acquired factory equipment on 1 January 205, costing $194,000. Component parts are not significant and need not be recognized and depreciated separately. In view of pending technological developments, it is estimated that the machine will have a resale value upon disposal in four years of $112,000 and that disposal costs will be $9,000. The company has a fiscal year-end that ends on 31 December. Data relating to the equipment follow: Estimated service life: Requlred: 1. Prepare a depreciation schedule for the asset, using: a. Straight-line depreciation. (Enter your answers as posltlve values. Round your answers to the nearest doller.) b. Declining-balance depreciation, using a 15% rate. (Enter your answers as positlve values. Round your answers to the nearest doller.) c. Service-hours depreciation. (Round your depreciation expense per hour to 2 decimal places. Enter your answers as positive values. Round your answers to the nearest dollar.) 2. Express straight-line depreciation as a percentage of original cost. (Round your percentage answer to nearest whole number (i.e. 0.12 should be considered as 12%).)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Draw a labelled diagram of the Dicot stem.

Answered: 1 week ago