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please help me solve this Blossom Limited purchased a machine on account on April 1.2021, at an invoice price of $365,470. On April 2, it
please help me solve this
Blossom Limited purchased a machine on account on April 1.2021, at an invoice price of $365,470. On April 2, it paid $2.170 for delivery of the machine. A one year, \$4,120 insurance policy on the machine was purchased on April 5. On April 19, Blossom paid $7,580 for installation and testing of the machine. The machine was ready for use on April 30. Blossom estimates the machine's useful life will be five years or 6,118 units with a residual value of $87,910. Assume the machine produces the following numbers of units each year: 893 units in 2021; 1,448 units in 2022;1,426 units in 2023;1,222 units in 2024: and 1,129 units in 2025. Blossom has a December 31 year end. Your answer is correct. Determine the cost of the machine. Cost of the machine Calculate the annual depreciation and total depreciation over the asset's life using: (Round the depreciation cost per unit to 2 decimal places. Round answers to 0 decimal places, eg. 5,275.) (1) Straight-line method (2) Double-diminishing balance method (3) Units-of-production method Which method causes net income to be lower in the early years of the asset's life Step by Step Solution
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