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Please conplete in the fields provided. Also include calculations. Thank you in advance. On December 27, 2018, Cullumber Windows purchased a piece of equipment for
Please conplete in the fields provided. Also include calculations. Thank you in advance.
On December 27, 2018, Cullumber Windows purchased a piece of equipment for $107,000. The estimated useful life of the equipment is either three years or 50,000 units, with a residual value of $11,000. The company has a December 31 fiscal year end and normally uses straight-line depreciation Management is considering the merits of using the units-of-production or diminishing- balance method of depreciation instead of the straight-line method. The actual numbers of units produced by the equipment were 10.800 in 2019, 18.300 in 2020, and 19,900 in 2021. The equipment was sold on January 5, 2022, for $15,000. Calculate the depreciation for the equipment for 2019 to 2021 under 1 2 3. the straight-line method the diminishing-balance method, using a 40% rate; and units-of-production (Round depreciable amount per unit to 3 decimal places, e.g. 1.252 and the final answers to 0 decimal places, eg. 126) 2019 $ 2020 2021 Straight-Line eTextbook and Media Depreciation Expense Diminishing-Balance Units-of-Production $ Calculate the gain or loss on the sale of the equipment under each of the three methods. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) 1. Straight-line 2. Diminishing-balance 3. Unit-of-production eTextbook and Media $ 1. Straight-line $ Calculate the total depreciation expense plus the loss on sale (or minus the gain on sale) under each of the three depreciation methods. $ 2 Diminishing-balance- $ Gain (loss) on sale 3 Unit-of-production S Step by Step Solution
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