Question
On June 9, 2020, Sheridan Company purchased manufacturing equipment at a cost of $344,600. Sheridan estimated that the equipment will produce 600,000 units over its
On June 9, 2020, Sheridan Company purchased manufacturing equipment at a cost of $344,600. Sheridan estimated that the equipment will produce 600,000 units over its 4-year useful life, and have a residual value of $14,600. The company has a December 31 fiscal year end and has a policy of recording a half-year's depreciation in the year of acquisition. Calculate depreciation under the straight-line method for 2020 and 2021. 2020 2021 $ $ Depreciation Expense Calculate the depreciation expense under the double diminishing-balance method for 2020 and 2021 Depreciation Expense Calculate the depreciation expense under the double diminishing-balance method for 2020 and 2021. 2020 $ 2021 $ Depreciation Expense Calculate the depreciation expense under the units-of-production method, assuming the actual number of units produced was 70,900 in 2020 and 118,300 in 2021. (Round cost per unit to 2 decimal places, eg. 5.27 and round final answers to O decimal places, eg. 5,275.) Depreciation Expense 2020 $ 2021 $
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