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Please Correct what is In red On January 1, 2019, Bramble Comparty purchased the following two machines for use in its production process. Machine A:
Please Correct what is In red
On January 1, 2019, Bramble Comparty purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $39,0na. Related expenditures Included: sales tax $1,800, shipping costs S150, Insurance during shipaing $70, Installation and testing costs $70, and $2001 at all and lubricants to be used with the machinery during its first year of operations. Bramble estimates that the useful life of the machine is 5 years with a $1,350 salvage value remaining at the end of that time period. Assume that the streight-line method of depreciation is used. The recorded cost of this machine was $180,000. Bramble estimates that the useful life of the machine is 4 years with a $9,950 salvage value remaining at the end of that time period. Machine B: Your answer is correct. decimal places, e.g. 2,125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and Prepare the following for Machine A. (Round answers to enter o for the amounts) 1. The journal entry to record its purchase on January 1, 2019. 2. The journal entry to record annual depreciation at December 31, 2019. No. Account Titles and Explanation Debit Credit 1. Equipment Cash 41090 Depreciation Expense Accumulated Depreciation Equipment SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT VIDEO: SIMILAR PROBLEM Your answer is partially correct. Try again. Calculate the amount of depreciatior expense that Bramble should record for Machine 2,125.) cach year of its useful life under the following assumptions. (Round depreciation cost per unit to 2 decimal places, e.g. 12.25. Round final answers to decimal places, e.g. (1) (2) (3) Bramble uses the straight line mathod of depreciation. Bramble uses the declining-balance method. The rate used is twice the straight-line rate. Bramble uses the units-af-activity method and estimates that the useful life of the machine is 156,650 units. Actual usage is as follows: 2019, 58,000 units; 2020, 44,000 units; 2021, 30,000 units; 2022, 24,650 units. 2019 Depreciation Expense 2020 Straight-line method 42512.50 Declining-balance method 90000 11250 Units of activity method 4776.00 26759.59Step by Step Solution
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