need help with acc/291 week 3 assignment 9-7a?
Problem 9-7A In recent years, Farr 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, 2012 | $135,000 | $44,100 | 9 | Straight-line | 2 | July 1, 2013 | 89,000 | 12,000 | 5 | Declining-balance | 3 | Nov. 1, 2013 | 112,870 | 8,470 | 7 | Units-of-activity | For the declining-balance method, Farr Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be36,000. Actual hours of use in the first 3 years were: 2013,620; 2014,4,930; and 2015,6,440. |
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| Compute the amount of accumulated depreciation on each machine at December 31, 2015. MACHINE 1 | MACHINE 2 | MACHINE 3 | Accumulated Depreciation at December 31 | $ | $ | $ | LINK TO TEXT LINK TO TEXT |
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| If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2013? In 2014? 2013 | 2014 | Depreciation Expense | $ | $ | |
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| Question Attempts: 0 of 3 used | | SAVE FOR LATER | SUBMIT ANSWER |
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Problem 9-7A In recent years, Farr 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 1 2 3 Acquired Jan. 1, 2012 July 1, 2013 Nov. 1, 2013 Cost $135,000 89,000 112,870 Salvage Value $44,100 12,000 8,470 Useful Life (in years) 9 5 7 Depreciation Method Straight-line Declining-balance Units-of-activity For the declining-balance method, Farr Company uses the double-declining rate. For the units-ofactivity method, total machine hours are expected to be 36,000. Actual hours of use in the first 3 years were: 2013, 620; 2014, 4,930; and 2015, 6,440. Compute the amount of accumulated depreciation on each machine at December 31, 2015. MACHINE 1 $ MACHINE 2 $ MACHINE 3 $ Accumulated Depreciation at December 31 LINK TO TEXT LINK TO TEXT If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2013? In 2014? 2013 2014 $ $ Depreciation Expense LINK TO TEXT Question Attempts: 0 of 3 used