Question
On January 1, 2020, Zade Manufacturing Company purchased a machine for $40,000. The company expects to use the machine for 24,000 hours over the next
On January 1, 2020, Zade Manufacturing Company purchased a machine for $40,000. The company expects to use the machine for 24,000 hours over the next 6 years. The estimated salvage value of the machine at the end of the sixth year is $4,000. The company used the machine for 3,600 hours in 2020 and 5,000 hours in 2021. Calculate the depreciation expense and accumulated depreciation for the years 2020 and 2021 using straight-line, units-of-production, and double declining balance methods of depreciation? Show work
Straightline | 2020 | 2021 | |
Depreciation Expense |
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Accumulated depreciation |
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Units of Production | 2020 | 2021 | |
Depreciation Expense |
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Accumulated depreciation |
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Double declining balance | 2020 | 2021 | |
Depreciation Expense |
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Accumulated depreciation |
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