Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Shining Cookie Company, Inc., in Murfreesboro, TN bought a new ice cream maker at the beginning of the year at a cost of $16,000. The
Shining Cookie Company, Inc., in Murfreesboro, TN bought a new ice cream maker at the beginning of the year at a cost of $16,000. The estimated useful life was four years, and the residual value was $1,600. Assume that the estimated productive life of the machine was 9,600 hours. Actual annual usage was 3,840 hours in year 1; 2,880 hours in year 2; 1,920 hours in year 3; and 960 hours in year 4.
Everything written is correct I just need the blank spaces (:
Required: 1. Complete a separate depreciation schedule for each of the alternative methods. (Do not round intermediate calculations.) a. Straight-line. Depreciation Accumulated Expense Net Book Value Year Depreciation At acquisition $ 16,000 3,600 $ 3,600 $ 12,400 1 3,600 $ 7,200 $ $ 8,800 10,800 $ 3,600 $ 5,200 14,400 $ 3,600 1,600 b. Units-of-production (use four decimal places for the per unit output factor). Depreciation Accumulated Expense Net Year Depreciation Book Value At acquisition 16,000 5,760 $ 5,760 $ $ 10,240 4,320 2$ $ 5,920 $ 2,880 3,040 1,440 4 1,600 c. Double-declining-balance. Accumulated Net Book Value Depreciation Expense Year Depreciation At acquisition $ 16,000 8,000 $ 8,000 $ 8,000 4,000 4,000 2,000 2,000 400 4 $ 1,600Step 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