pharaoh limited purchased a machine on account on April 2, 2018, at an invoice price of 356,620 . On April 4, it paid 2130 for delivery of the machine. A one year, 3970 insurance policy on the machine was purchased on April 5. On April 18, pharaoh paid 7590 for installation and testing of the machine. The machine was ready for use on April 30.

pharoah estimates the machines useful life will be five years or 6212 units with a residue all value of 73,690. Assume the machine produces the following numbers of units each year; 896 units in 2018; 1400 units in 2019; 1405 units in 2020; 1396 units in 2021; and 1115 units in 2022. Barrow has a December 31 year end.

calculate the annual depreciation and total depreciation over the assets life using

1)straight line method

2) double diminishing balance method

Question 1 Pharoah Limited purchased a machine on April 2016, at price $56.620. On April 4, 2.130 for every of the $7.910 for installation and using of the machine. The machine was ready for use on April 30 Pharah timate the machine's We will be five years or 6.212 with a red value of $71690. Assume the che produces the 202.11 and 1.113 uns in 2022. Pharoah has a December 11 yewend. 2.0 othe r s. Os g enus ha u ts i 2018. L40 2 0 1. 200 Your is correct. Determine the cost of the machine Cost of the machine 366340 LIETO TEXT LINK TO TORT Your answer is partially correct. Try again. Round answers to decimal place a. 5275) Calculate the annual depreciation and depreciation (1) Straight-line method Year Depreciable Covt Depreciation Expense 1 292.650 the web and your PC His Ne ANG ENGAS e' (und the preci os permit at answers to decimal places 527) Ches Calculate the depreciation (1) Straight-line method Year Depreciable Cont 2011 212.850 et Carrying 2. Ciri 2.22 2023 (2) Double-diminishing-balance method Year Opening Carry Depreciation Expense Acc 2018 e dDepreciation Cam 2023 Search the web and your PC PRINTER VERSION Question 1 Pharoah Limited purchased a machine on account on April 2, 2018, at an invoice price of $356,620. On April 4, it paid $2,130 for delivery of the machine. year, $3,970 insurance policy on the machine was purchased on April 5. On April 18, Pharoah paid $7,590 for installation and testing of the machine. The was ready for use on April 30. Pharoah estimates the machine's useful life will be five years or 6,212 units with a residual value of $73,690. Assume the machine produces the following of units each year: 896 units in 2018; 1,400 units in 2019; 1,405 units in 2020; 1,396 units in 2021; and 1,115 units in 2022. Pharoah has a December end. Your answer is correct. Determine the cost of the machine. Cost of the machine 366,340 SHOW SOLUTION LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Calculate the annual depreciation and total depreciation over the asset's life using: (Round the depreciation cost per unit to the nearest cent. Roun ANG * ENG your PC SYSannouncements PRI Your answer is partially correct. Try again. Calculate the annual depreciation and total depreciation over the asset's life using: (Round the depreciation cost per unit to the answers to o decimal places, e.g. 5,275.) N1) Straight-line method Year Depreciable Cost Depreciation Expense Accumulated Depreciation Carrying Amount 2018 292,650 43,898 43,898 322,443 2019 292,650 58,530 102,428 263,913 2020 292,650 58,530 160,958 205,383 2021 292,650 58,530 219,488 146,853 292,650 58,530 278,018 88,323 2023 292,650 14,633 292,650 73,690 (2) Double-diminishing-balance method Year Opening Carrying Amount Depreciation Expense Accumulated Depreciation Carrying Amount your PC Financial Accounting, Seventh Canadian Edition by Kimmel, Weygandt, Kieso, Trenholm, Irvine, and Burnle Help System Announcements (2) Double-diminishing-balance method Year Opening Carrying Amount Depreciation Expense Accumulated Depreciation Carrying Amount 2018 366,340 109,902 109,902 256,438 TEST 2019 256,438 102,575 212,477 153,863 2020 153,863 61,545 274,022 PR 92,318 2021 92,318 18,628 292,650 73,690 --- 2022 73,690 292,650 73,690 2023 73,690 292,650 73,690 3) Units-of-production method Year Units-of-production Depreciation Expense Accumulated Depreciation Carrying Amount 2018 898 42,211 324,129 2019 1,400 65,955 108,165 258,175