Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

In recent years, Kingbird 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 $95,000 $15,000 8 Straight-line 2 July 1, 2021 87,000 11,500 5 Declining-balance 3 Nov. 1, 2021 141,000 9.000 6 Units-of-activity For the declining-balance method, Kingbird Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 44,000. Actual hours of use in the first 3 years were 2021, 600, 2022, 4,800; and 2023,7,900. Your answer is correct. For Machine #3, calculate depreciable cost per hour under units-of-activity method. Depreciable cost $ eTextbook and Media 3 per hour Your answer is correct. Compute the amount of accumulated depreciation on each machine at December 31, 2023. Accumulated depreciation MACHINE 1 $ MACHINE 2 40,000 61.944 MACHINE 3 39.900 If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2021? In 2022? (1) 2021 Depreciation expense $ (2) 2022

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Cornerstones of Managerial Accounting

Authors: Mowen, Hansen, Heitger

3rd Edition

324660138, 978-0324660135

More Books

Students also viewed these Accounting questions

Question

i need 4 1 7 .

Answered: 1 week ago