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In recent years, Cullumber Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of

In recent years, Cullumber 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.

Machine Acquired Cost Residual Value Useful Life (in years) Depreciation Method
1 Jan. 1, 2018 $89,900 $12,000 5 Straight-line
2 July 1, 2019 92,500 9,350 5 Diminishing-balance
3 Nov. 1, 2019 65,960 6,510 6 Units-of-production

For the diminishing-balance method, Cullumber Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 23,780. Actual hours of use in the first 3 years were: 2019, 380; 2020, 4,230; and 2021, 4,830.image text in transcribedimage text in transcribed

Prepare separate depreciation schedules for each machine. Prepare the schedule for all years, information permitting. (Round depreciation per unit to 2 decimal places, e.g. 5.20 and answers to the nearest whole dollar, e.g. 5,275. Do not leave any answer field blank. Enter O for amounts.) Machine 1: Straight-line depreciation End of Year Depreciable Amount Calculation Depreciation Rate # of months Depreciation Expense Accumulated Depreciation Carrying Amount Year 2018 $ TA 2019 2020 2021 2022 Machine 2: Diminishing-balance depreciation Machine 2: Diminishing-balance depreciation End of Year Carrying Amount Beg. of Year Calculation Depreciation Rate # of months Depreciation Expense Accumulated Depreciation Carrying Amount Year 2019 $ 2020 2021 2022 2023 Machine 3: Units-of-production depreciation Units-of- Production Calculation Depreciation Cost/Unit Depreciation Expense End of Year Accumulated Depreciation Carrying Amount Year 2019 2020 2021

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