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In recent years, Concord Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of
In recent years, Concord Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine 1 Useful Life (in years) 8 Acquired Jan. 1.2020 July 1, 2021 Nov. 1, 2021 Salvage Value $ 14,000 12,000 8,500 Cost $ 96,600 88,500 92,500 Depreciation Method Straight-line Declining-balance Units-of-activity 2 5 6 For the declining balance method, Concord Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 28,000. Actual hours of use in the first 3 years were 2021,800:2022.4.300 and 2023.6,300, Compute the amount of accumulated depreciation on each machine at December 31, 2023. Accumulated depreciation MACHINE 1 $ MACHINE 2 $ MACHINE 3 $ $
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