Question
On April 22, 2023, Ivanhoe Enterprises purchased equipment for $134,400. The company expects to use the equipment for 11,500 working hours during its four-year life
On April 22, 2023, Ivanhoe Enterprises purchased equipment for $134,400. The company expects to use the equipment for 11,500 working hours during its four-year life and that it will have a residual value of $12,500. Ivanhoe has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1,700 hours in 2023; 2,600 hours in 2024; 3,500 hours in 2025; 3,000 hours in 2026; and 900 hours in 2027. (a1) Prepare a depreciation schedule for the life of the asset under the straight-line method. (Round partial-period depreciation rate to 4 decimal palces, e.g. 15.2563% and other answers to 0 decimal places, e.g. 5,276.) End of Year Year Depreciable Amount Depr. Rate = Depr. Expense Accum. Depr. Carrying Amount 2023 $enter a dollar amount rounded to 0 decimal places enter percentages rounded to 4 decimal places % $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places 2024 enter a dollar amount rounded to 0 decimal places enter percentages rounded to 4 decimal places % enter a dollar amount rounded to 0 decimal places enter a dollar amount rounded to 0 decimal places enter a dollar amount rounded to 0 decimal places 2025 enter a dollar amount rounded to 0 decimal places enter percentages rounded to 4 decimal places % enter a dollar amount rounded to 0 decimal places enter a dollar amount rounded to 0 decimal places enter a dollar amount rounded to 0 decimal places 2026 enter a dollar amount rounded to 0 decimal places enter percentages rounded to 4 decimal places % enter a dollar amount rounded to 0 decimal places enter a dollar amount rounded to 0 decimal places enter a dollar amount rounded to 0 decimal places 2027 enter a dollar amount rounded to 0 decimal places enter percentages rounded to 4 decimal places % enter a dollar amount rounded to 0 decimal places enter a dollar amount rounded to 0 decimal places enter a dollar amount rounded to 0 decimal places
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started