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solve all In recent years. Sheridan Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in
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In recent years. Sheridan Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Residual Value Useful Life (in years) Machine Acquired Cost Depreciation Method Straight-line 1 $101,700 $10,900 5 5 Jan. 1, 2022 , July 1, 2023 2 2 77,500 9.170 5 Diminishing-balance 3 Nov. 1, 2023 1, 65,829 5,960 6 Units-of-production For the diminishing-balance method, Sheridan Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 26,030. Actual hours of use in the first 3 years were: 2023, 410; 2024, 4,940; and 2025, 5,440. Prepare separate depreciation schedules for each machine. Prepare the schedule for all years, information permitting. (R depreciation per unit to 2 decimal places, e.g. 5.20 and answers to the nearest whole dollar, e.g. 5,275. Do not leave any answer fi Enter O for amounts.) Machine 1: Straight-line depreciation 1 End of Year Calculation Depreciation Rate Depreciable Cost # of months Depreciation Expense Accumulated Depreciation Year Carrying Amount 2022 $ % $ $ 2023 % 2024 96 % 2025 % 2026 % Machine 2: Diminishing-balance depreciation Calculation End of Year Carrying Amount Beg. of Year . Depreciation Rate # of months Depreciation Expense Accumulated Depreciation Carrying Amount Year 2023 $ % $ $ 2024 % 2025 % 2026 % 2027 4 Machine 3: Units-of-production depreciation Calculation End of Year Units-of- Production Depreciation Cost/Unit Depreciation Expense Accumulatulated Depreciatciation Carrying Amount Year 2023 $ $ $ $ 2024 2025Step by Step Solution
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