Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Really need some help! I will rate! Many thanks and God bless!!! On January 1, 2018, McHenry Manufacturing Corporation purchased a machine for $40,000,000. McHenry's
Really need some help!
I will rate!
Many thanks and God bless!!!
On January 1, 2018, McHenry Manufacturing Corporation purchased a machine for $40,000,000. McHenry's management expects to use the machine for 30,000 hours over the next six years. The estimated residual value of the machine at the end of the sixth year is $50,000. The machine was used for 4,500 hours in 2018 and 5,300 hours in 2019. Calculate the book value of the machine at the end of 2019 if the company uses the units-of-production method of depreciation. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) O A. $26,933,366 O B. $40,000,000 O C. $26,949,634 OD. $34,007,485 A photocopier cost $101,000 when new and has accumulated depreciation of $96,000. If the business discards this plant asset, the result is O A. a gain of $5,000 B. a loss of $5,000 O C. a loss of $96,000 OD. no gain or no lossStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started