Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 O 36.1 / 76 View Policies Show Attempt History Current Attempt in Progress Blossom Limited purchased a machine on account on April 1,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question 2 O 36.1 / 76 View Policies Show Attempt History Current Attempt in Progress Blossom Limited purchased a machine on account on April 1, 2021, at an invoice price of $380,660. On April 2, it paid $2,180 for delivery of the machine. A one-year $3,840 insurance policy on the machine was purchased on April 5. On April 19, Blossom pald $8,270 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 6,535 units with a residual value of $81.210. Assume the machine produces the following numbers of units each year: 1,014 units in 2021; 1,535 units in 2022;1.517 units in 2023; 1.279 units in 2024; and 1,190 units in 2025. Blossom has a December 31 year end. Your answer is correct Determine the cost of the machine. Cost of the machine $ 391110 e Textbook and Media Attempts: 2 of 3 used Using multiple attempts has impacted your score. 5% score reduction after attempt 1 Calculate the annual depreciation and total depreciation over the net's life using: (Round the depreciation cost per unit to 2 decimal places. Round answers to decimal places, eg. 5,275.) (1) Straight-line method Year Depreciable Amount Depreciation Expense Accumulated Depreciation Carrying Am 2021 $ $ $ 2022 2023 2024 2025 2026 (2) Double-diminishing-balance method Year Opening Carrying Amount $ Depreciation Expense Accumulated Depreciation 2021 Carrying Am $ $ s 2022 2023 2024 2025 2026 (3) Units-of-production method Year Units-of-production Depreciation Expense Accumulated Depreciation 2021 Carrying Amos $ $ 2022 2023 2024 2025

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modeling And Designing Accounting Systems Using Access To Build A Database

Authors: Laura R. Ingraham, C. Janie Chang

1st Edition

0471450871, 978-0471450870

More Books

Students also viewed these Accounting questions

Question

How do the two components of this theory work together?

Answered: 1 week ago

Question

Explain the legal environments impact on labor relations. page 631

Answered: 1 week ago