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solve this correctly Sheridan Umlted purchased a machine on account on April 1, 2021, st an Involce price of $374,390. On April 2. It pald
solve this correctly
Sheridan Umlted purchased a machine on account on April 1, 2021, st an Involce price of $374,390. On April 2. It pald $ 1,940 for dellveryof the machine. A one-year. $3,750 Insurance polley on the machine was purchased on April 5. On April 19, Sheridan palds 8,320 for Installation and testing of the machine. The machine was ready for use on April 30. Sheridan estimates the machine's useful life will be five years or 6.256 units with a residual value of $ 74,750. Assume the machine produces the following numbers of units each year: 985 unlts in 2021; 1546 units in 2022; 1,288 units In 2023:1,352 units in 2024 and 1,085 units in 2025. Sheridan has a December 31 year end. Your answer is correct. I cost of the machine e Textbook and Media Attempts: 1 of 3 used Calculate the annual depredation and total depreciation over the asset's Ilfe using: (Round the depreciation cost per unit to 2 decimal places. Round answers to decimal places, eg. 5,275) (1) Straight-line method Depreciable Amount Depreciation Expense Accumulated Depreciation Carrying S $ S (2) Double-diminishing-balance method Year Opening Carrying Amount Depreciation Expense Accumulates Depreciation CE 2021 S 2022 2023 2022 2025 2026 (3) Units-of-production method sar Units-of-production Depreciation Expense Accumulated Depreciation Carryin 21 $ S $ 122 123 124 125 Which method causes net income to be lower in the early years of the asset's life? e Tectbook and Media
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