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In recent years, Monty Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge
In recent years, Monty 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 $98,600 $15,000 8 Straight-line 2 July 1, 2021 90,500 10,500 5 Declining-balance 3 Nov. 1, 2021 77,500 7,500 6 Units-of-activity For the declining-balance method, Monty Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 35,000. Actual hours of use in the first 3 years were 2021, 900; 2022, 5,000; and 2023, 7,000. 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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