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plz provide correct 2 time wrong ans from chegg plz help Sheridan Limited purchased a machine on account on April 1, 2021, at an invoice
plz provide correct 2 time wrong ans from chegg plz help
Sheridan Limited purchased a machine on account on April 1, 2021, at an invoice price of $ 374,390. On April 2, it paid $ 1,940 for delivery of the machine. A one-year, $3,750 insurance policy on the machine was purchased on April 5. On April 19, Sheridan paid $ 8,320 for installation and testing of the machine. The machine was ready for use on April 30. Sheridan estimates the machine's useful life will be five years or 6,256 units with a residual value of $ 74,750. Assume the machine produces the following numbers of units each year: 985 units in 2021; 1,546 units in 2022; 1,288 units in 2023; 1,352 units in 2024; and 1,085 units in 2025. Sheridan has a December 31 year end. (a) Your answer is correct. Determine the cost of the machine. Cost of the machine A 384,650 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 O decimal places, eg. 5,275.) (1) Straight-line method Year Depreciable Amount Depreciation Expense Accumulated Depreciation 2021 $ 309900 41320 41320 2022 309900 61980 103300 2023 309900 61980 165280 61980 309900 227260 2024 61980 309900 289240 2025 309900 20660 309900 2026 (2) Double-diminishing-balance method Year Opening Carrying Amount Depreciation Expense Accumulated Depreciation 2021 384650 102573 102573 $ 2022 282077 112831 215404 67698 283102 2023 169246 101548 26798 309900 2024 309900 74750 2025 309900 O 74750 2026 (3) Units-of-production method ;-of-production Depreciation Expense Accumulated Depreciation Carrying Amount 985 48793 $ 48793 335857 1546 76583 125377 259273 63803 189180 195470 66978 1352 128497 256153 74750 309900 53747 1085
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