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unit production method ans please correct Sheridan Limited purchased a machine on account on April 1, 2021, at an invoice price of $ 374,390. On
unit production method ans please correct
Sheridan Limited purchased a machine on account on April 1, 2021, at an invoice price of $ 374,390. On April 2. it paid $ 1.940 for delivery of the machine. A one-year. $3,750 insurance policy on the machine was purchased on April 5. On April 19, Sheridan paid $ 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 units in 2021; 1,546 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. la V Vour answer is correct. Determine the cost of the machine. Cost of the machine Year Depreciable Amount Depreciation Expense Accumulated Depreciation Ce 2021 $ 309900 $ 41820 $ 41320 $ 1 2022 309900 61980 103300 2023 309900 61980 165280 2024 309900 61980 227260 2025 309900 61980 289240 2026 JU 309900 20660 B09900 (2) Double-diminishing-balance method Year Opening Carrying Amount Depreciation Expense Accumulated Depreciation Ca 2021 $ sa 4650 102573 1025715 2022 2077 112831 215404 2023 169246 57698 28010 2024 101548 2619 Bospod 2025 4715 B09900 2026 7150 M 30990 (3) Units-of-production method -of-production Depreciation Expense Accumulated Depreciation Carrying Amount $ 48793 69 $ 835857 125877 259273 189 180 309900 (3) Units-of-production method Year Units-of-production Depreciation Expense Accumulated Depreciation $ 48793 1548 125877 189180 1352 66978 256156 Bu9900
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