Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your answer is incorrect. Try again. Kingbird Corporation purchased a new machine for its assembly process on August 1, 2020. The cost of this machine

Your answer is incorrect. Try again.

Kingbird Corporation purchased a new machine for its assembly process on August 1, 2020. The cost of this machine was $167,400. The company estimated that the machine would have a salvage value of $14,400 at the end of its service life. Its life is estimated at 5 years, and its working hours are estimated at 22,500 hours. Year-end is December 31. Compute the depreciation expense under the following methods. Each of the following should be considered unrelated. (Round depreciation rate per hour to 2 decimal places, e.g. 5.35 for computational purposes. Round your answers to 0 decimal places, e.g. 45,892.)

(a)

Straight-line depreciation for 2020

$enter a dollar amount

(b)

Activity method for 2020, assuming that machine usage was 800 hours

$enter a dollar amount

(c)

Sum-of-the-years'-digits for 2021

$enter a dollar amount

(d)

Double-declining-balance for 2021

$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

College Accounting A Practical Approach Chapters 1-15

Authors: Jeffrey Slater

7th Edition

0130954888, 978-0130954886

More Books

Students also viewed these Accounting questions

Question

Review secondary sources to get an overview of your topic.

Answered: 1 week ago

Question

Define facework and identify three primary facework strategies

Answered: 1 week ago