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Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $29,000. The estimated useful life was five years and
Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $29,000. The estimated useful life was five years and the residual value was $3,500. Assume that the estimated productive life of the machine is 10,000 units. Expected annual production for year 1, 2,000 units; year 2, 3,000 units; year 3, 2,000 units; year 4, 2,000 units; and year 5, 1,000 units.
Required: 1. Complete a depreciation schedule for each of the alternative methods. (Do not round intermediate calculations.) a. Straight-line Answer is not complete Income Statement Depreciation Expense Balance Sheet Accumulated Depreciation Book Value Year Cost At acquisition 5,100 $ 29,000 $ 7,650 5,100 5,100 2,550 29,000 29,000 29,000 29,000 5,100 12,750 17,850 22,950 25,500 23,900 16,250 11,150 6,050 3,500 4Step by Step Solution
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