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In recent years, Crane Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of
In recent years, Crane Corporation 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. Residual Value Useful Life (in years) Machine Acquired Cost Depreciation Method Straight-line 1 Jan. 1.2022 $86.400 $12,400 5 2 July 1, 2023 88.750 10.060 5 Diminishing-balance 3 Nov. 1. 2023 69.390 6,030 Units-of-production 6 For the diminishing-balance method, Crane Corporation uses double the straight-line rate. For the units-of production method total machine hours are expected to be 26,400. Actuat hours of use in the first 3 years were: 2023, 400:2024, 4210; and 2025.5.000 If Machine 2 was purchased on October 1 instead of July 1, what would be the depreciation expense for this machine in 2023? In 2024? Depreciation expense in 2023 $ ta Depreciation expense in 2024 ta $
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