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Mittal Companies bought a machine at the beginning of the year at a cost of $27,000. The estimated useful life was five years and the
Mittal Companies bought a machine at the beginning of the year at a cost of $27,000. The estimated useful life was five years and the residual value was $2,000. Assume the estimated productive life of the machine is 12,500 units. Expected annual production was year 1, 2,500 units; year 2, 3,500 units; year 3, 2,500 units; year 4, 2,500 units; and year 5, 1,500 units. Required: 1. Complete a depreciation schedule for the units-of-production method. 2. Prepare the journal entry to record Year 2 depreciation. Complete this question by entering your answers in the tabs below. Required 1 Complete a depreciation schedule for the units-of-production method. (Do not round intermediate calculations. Round final answers to the nearest whole dollars.) Required 1 Required 2 Prepare the journal entry to record Year 2 depreciation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet A Record the adjusting entry for depreciation expense for Year 2. Note: Enter debits before credits
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