Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kingbird, Inc. purchased a new machine on October 1, 2022 at a cost of $395,200. The company estimated that the machine has a salvage value

Kingbird, Inc. purchased a new machine on October 1, 2022 at a cost of $395,200. The company estimated that the machine has a salvage value of $30,400. The machine is expected to be used for 304,000 working hours during its 8-year life. Compute depreciation using the following methods in the year indicated. Straight-line for 2022 and 2023, assuming a December 31 year-end. (Round answers to 0 decimal place, e.g. 1520.) 2022 2023 Straight-line method $enter a dollar amount 11400 $enter a dollar amount 45600 Declining-balance using double the straight-line rate for 2022 and 2023. 2022 2023 Declining-balance method $enter a dollar amount 24700 $enter a dollar amount 92625 Units-of-activity for 2022, assuming machine usage was 11,020 hours. (Round depreciation per unit to the nearest cent.) Units-of-activity method 2022 $enter depreciation using the Units-of-activity method for 2017 in dollars rounded to the nearest cent

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

Step: 3

blur-text-image

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

Routledge Handbook Of Environmental Accounting

Authors: Jan Bebbington, Carlos Larrinaga, Brendan O'Dwyer, Ian Thomson

1st Edition

0367724901, 9780367724900

More Books

Students also viewed these Accounting questions

Question

a. Did you express your anger verbally? Physically?

Answered: 1 week ago