Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2018, a machine was purchased for $125,000. The machine has an estimated salvage value of $7,880 and an estimated useful life of

On January 1, 2018, a machine was purchased for $125,000. The machine has an estimated salvage value of $7,880 and an estimated useful life of 5 years. The machine can operate for 122,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2018, 24,400 hrs; 2019, 30,500 hrs; 2020, 18,300 hrs; 2021, 36,600 hrs; and 2022, 12,200 hrs. Assume a fiscal year-end of September 30. Compute the annual depreciation charges over the assets life applying each of the following methods. (Round answers to 0 decimal places, e.g. 45,892.)

Year

Straight-line Method

Sum-of-the-years'-digits method

Double-declining-balance method

2018

$ ?

$ ?

$ ?

2019 23424 ? ?
2020 23424 ? ?
2021 23424 ? ?
2022 23434 ? ?
2023 ? ? ?

I already posted this once and I was given the wrong awnsers

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

Students also viewed these Accounting questions

Question

b. What groups were most represented? Why do you think this is so?

Answered: 1 week ago

Question

3. Describe phases of minority identity development.

Answered: 1 week ago

Question

5. Identify and describe nine social and cultural identities.

Answered: 1 week ago