Question
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 Acquired Cost Salvage Value Useful Life (in years) Depreciation Method 1 Jan. 1, 2020 $ 96,600 $ 14,000 8 Straight-line 2 July 1, 2021 88,500 12,000 5 Declining-balance 3 Nov. 1, 2021 92,500 8,500 6 Units-of-activity 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. For Bus #3, calculate depreciable cost per mile under units-of-activity method. Depreciable cost $enter depreciable cost per mile in dollars 3 per mile Accumulated depreciation MACHINE 1 $enter the amount of accumulated depreciation in dollars MACHINE 2 $enter the amount of accumulated depreciation in dollars MACHINE 3 $enter the amount of accumulated depreciation in dollars (Round answer to 2 decimal places, e.g. 0.50.)
On July 1, 2022, Pina Colada Corp. invested $740,160 in a mine estimated to have 771,000 tons of ore of uniform grade. During the last 6 months of 2022, 104,000 tons of ore were mined. (a1) Calculate depletion cost per unit. (Round answer to 2 decimal places, e.g. 0.50.) Depletion cost per unit $enter depletion cost per unit amount in dollar (Round answer to 2 decimal places, e.g. 0.50.)
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