Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

On April 22, 2023, Oriole Enterprises purchased equipment for $133,600. The company expects to use the equipment for 11,500 working hours during its four-year life

image text in transcribedimage text in transcribedimage text in transcribed

On April 22, 2023, Oriole Enterprises purchased equipment for $133,600. 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 $14,000. Oriole has a December 31 year end and prorates depreciation to the nearest month. The actual machine usage was: 1,500 hours in 2023;2,800 hours in 2024;3,500 hours in 2025;2,800 hours in 2026 ; and 1,100 hours in 2027. Prepare a depreciation schedule for the life of the asset under the double diminishing-balance method. (Round p depreciation rate to 4 decimal palces, e.g. 15.2563% and other answers to 0 decimal places, e.g. 5,276. End of Year Carrying Amount $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions