Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wildhorse Ltd. purchased a new machine on April 4, 2014, at a cost of $152,000. The company estimated that the machine would have a residual

Wildhorse Ltd. purchased a new machine on April 4, 2014, at a cost of $152,000. The company estimated that the machine would have a residual value of $14,000. The machine is expected to be used for 9,200 working hours during its four-year life. Actual machine usage was 1,300 hours in 2014; 2,000 hours in 2015; 2,500 hours in 2016; 1,800 hours in 2017; and 1,600 hours in 2018. Wildhorse has a December 31 year end.

(a)

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Calculate depreciation for the machine under each of the following methods: (Round expense per unit to 2 decimal places, e.g. 2.75 and final answers to 0 decimal places, e.g. 5,275.) (1) Straight-line for 2014 through to 2018.

2014 expense $enter a dollar amount
2015 expense $enter a dollar amount
2016 expense $enter a dollar amount
2017 expense $enter a dollar amount
2018 expense $enter a dollar amount

(2) Diminishing-balance using double the straight-line rate for 2014 through to 2018.

2014 expense $enter a dollar amount
2015 expense $enter a dollar amount
2016 expense $enter a dollar amount
2017 expense $enter a dollar amount
2018 expense $enter a dollar amount

(3) Units-of-production for 2014 through to 2018.

2014 expense $enter a dollar amount
2015 expense $enter a dollar amount
2016 expense $enter a dollar amount
2017 expense $enter a dollar amount
2018 expense $enter a dollar amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect For Data Analytics For Accounting

Authors: Author

2nd Edition

1264152000, 9781264152001

More Books

Students also viewed these Accounting questions