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PRINTER VERSION BACK NEXT Question 1 Sunland Limited purchased a machine on account on April 2, 2018, at an invoice price of $380,590. On April 4, it paid $2,150 for delivery of the machine. A one year, $4,130 insurance policy on the machine was purchased on April 5. On April 18, Sunland paid $7,640 for installation and testing of the machine. The machine was ready for use on April 30. Sunland estimates the machine's useful re will be five years or 5,982 units with a residual value of $82.460. Assume the machine produces the following numbers of units each year: 898 units in 2018; 1,515 units in 2019, 1,326 units in 2020; 1,196 units in 2021; and 1,047 units in 2022. Sunland has a December 31 year end. Determine the cost of the machine. Cost of the machines 390380 Calculate the annual depreciation and total depreciation over the asset's life using: (Round the depreciation cost per unit to the nearest cent. Round answers to decimal places, e.g. 5,275.) (1) Straight-line method Year Depreciable Cost Depreciation Expense Accumulated Depreciation 2018 307920 41056 Carrying Amount 41056 349324 307920 61584 2019 2020 102640 287740 307920 61584 164224 226156 2021 307920 61584 225808 164572 MacBook Air Calculate the annual depreciation and total depreciation over the asset's life using: (Round the depreciation cost per unit to the near answers to o decimal places, e.g. 5,275.) (1) Straight-line method Carrying Amount 349324 287740 Year Depreciable Cost Depreciation Expense Accumulated Depreciation 2018 $ 307920 41056 41056 2019 307920 61584 102640 2020 307920 61584 164224 2021 307920 61584 225808 2022 307920 61584 287392 2023 307920 20528 307920 226156 164572 102988 82460 (2) Double-diminishing-balance method MacBook Air (2) Double-diminishing-balance method PRINTER VERSION Year Opening Carrying Amount Depreciation Expense Accumulated Depreciation Carrying Amount 2018 390380 2019 2020 2021 2022 2023 (3) Units-of-production method Year Units-of-production Depreciation Expense Accumulated Depreciation Carrying Amount 2018 2019 2020 2021 2022 which method causes net income to be lower in the early years of the asset's life