Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On October 1, 2018, the Allegheny Corporation purchased machinery for $148,000. The estimated service life of the machinery is 10 years and the estimated residual

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On October 1, 2018, the Allegheny Corporation purchased machinery for $148,000. The estimated service life of the machinery is 10 years and the estimated residual value is $5,000. The machine is expected to produce 260,000 units during its life. Required: Calculate depreciation for 2018 and 2019 using each of the following methods. Partial-year depreciation is calculated based on the number of months the asset is in service, 1. Straight line. 2. Sum-of-the-years'-digits. 3. Double-declining balance. 4. One hundred fifty percent declining balance. 5. Units of production (units produced in 2018, 13,000 units produced in 2019, 28,000). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate depreciation for 2018 and 2019 using straight line method. Partial-year depreciation is calculated based on the number of months the asset is in service. Straight-Line Depreciation 1 Choose Denominator: Choose Numerator: Annual Depreciation Annual Depreciation Fraction of Year - Depreciation Expense Year Annual Depreciation 2018 2019 J UJUCL 15 Service 1. Straight line. 2. Sum-of-the-years' digits. 3. Double-declining balance. 4. One hundred fifty percent declining balance. 5. Units of production (units produced in 2018, 13,000 units produced in 2019, 28.000). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate depreciation for 2018 and 2019 using sum-of-the-years' digits. Partial-year depreciation is calculated based on the number of months the asset is in service. Sum-of-the-years' digits depreciation Depreciable X Rate per Year * Fraction of Year Depreciation Expense Base 10/1/2018 through 12/31/2018 Total depreciation expense - 2018 1/1/2019 through 9/30/2019 10/1/2019 through 12/31/2019 Total depreciation expense - 2019 OM "Nao Required: Calculate depreciation for 2018 and 2019 using each of the following methods. Partial-year depreciation is calculated based on number of months the asset is in service. 1. Straight line. 2. Sum-of-the-years-digits 3. Double-declining balance. 4. One hundred fifty percent declining balance 5. Units of production (units produced in 2018, 13,000 units produced in 2019,28,000) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate depreciation for 2018 and 2019 using double-declining balance. Partial year depreciation is calculated based on the number of months the asset is in service. Depreciation for the Period Beginning of Depreciation Fraction Annual Period Period Book Depreciation Der Rate of Year Expense Value 2018 2019 End of Period Accumulated Depreciation Book Value Saved quired: Iculate depreciation for 2018 and 2019 using each of the following methods. Partial-year depreciation is calculated mber of months the asset is in service, Straight line Sum-of-the years'digits Double-declining balance One hundred fifty percent declining balance. Units of production (units produced in 2018, 13,000 units produced in 2019, 28,000). Complete this question by entering your answers in the tabs below. Required 4 Required 1 Required 2 Required 3 Required 4 Required 5 Calculate depreciation for 2018 and 2019 using one hundred fifty percent declining balance. Partial-year depreciation is calculated based on the number of months the asset is in service. (Do not round your intermediate calculations and round your final answers to newest whole number) End of Period Depreciation for the Period Beginning of pareciation Fraction Period Book R ate of Year Value Annual Period Depreciation Expense Accumulated Depreciation BeValue 2018 0 $

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

Cost Accounting Theory And Practice

Authors: R. Palaniappan, N. Hariharan

1st Edition

9380578342, 978-9380578347

More Books

Students also viewed these Accounting questions

Question

OUTCOME 3 Describe pay equity and strategies for implementing it.

Answered: 1 week ago