Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2017 , Betty DeRose, Inc. purchased a piece of machinery for $170,000. Themachine had an estimated useful life of 10 years and

On January 1, 2017, Betty DeRose, Inc. purchased a piece of machinery for $170,000. Themachine had an estimated useful life of 10 years and a salvage value of $5,000. It isknown that the machine is expected to be used for a total of 500,000 hours over itsexpected life. Assume Betty DeRose depreciates its assets using the units of production method ofdepreciation.The following financial statement amounts relate to the machine:Book value at December 31, 2018 ....................... $133,700Depreciation expense for 2020 ......................... 17,490Accumulated depreciation at December 31, 2020 ......... 69,960Calculate the number of hours that the machine was used in 2019. Enter your answer asa number (i.e., 65,000). Do not use the $ or decimals in your answer. Additionally,do not type the word hours after your answer.

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

Data Analytics for Accounting

Authors: Vernon Richardson

1st edition

1260375196, 9781260375183 , 978-1260375190

More Books

Students also viewed these Accounting questions