Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 prorates 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. Prepare a depreciation schedule for the life of the asset under the straight-line method. (Round partial-period depreciation rate to 4 decimal palces, es. 15.2563% and other answers to O decimal places, eg. 5, 276.) decimal palces, es. 15.2563\% and other answers to 0 decimal places, es. 5,276.) decimal palces, eg. 15.2563\% and other answers to 0 decimal places, eg. 5, 276.) Prepare a depreciation schedule for the life of the asset under the double diminishing-balance 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.) Prepare a depreciation schedule for the life of the asset under the units-of-production method. (Round depreciation amount per unit to 2 decimal ploces, es. 2.25 and final answers to O decimal places, eg. 5,276.) Prepare a depreciation schedule for the life of the asset under the units-of-production method. (Round depreciation amount per unit to 2 decimal ploces, es. 2.25 and final answers to 0 decimal places, e. .5,276 )

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

Costing

Authors: Lucey

7th Edition

1844809439, 978-1844809431

More Books

Students also viewed these Accounting questions

Question

Draw a Bohr diagram for a Li + cation in its ground state.

Answered: 1 week ago

Question

What needs do all people have in common?

Answered: 1 week ago