At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Machine A Machine B Machine C Cost of the asset $ 9,600 $ 38,800 $ 22,600 Installation costs 850 2,700 1,800 Renovation costs prior to use 650 2,300 2,800 Repairs after production began 700 700 1,300 By the end of the first year, each machine had been operating 8,000 hours. Required: Compute the cost of each machine. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: Estimates Machine Life Residual Value Depreciation Method A 5 years $ 1,600 Straight-line B 20,000 hours 1,200 Units-of-production C 10 years 2,000 Double-declining-balance

At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Machine A Machine B Machine C Cost of the asset $ 9,600 $ 38,800 $ 22,600 Installation costs 850 2,700 1,800 Renovation costs prior to use 650 2,300 2,800 Repairs after production began 700 700 1,300 By the end of the first year, each machine had been operating 8,000 hours. Required: Compute the cost of each machine. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: Estimates Machine Life Residual Value Depreciation Method A 5 years $ 1,600 Straight-line B 20,000 hours 1,200 Units-of-production C 10 years 2,000 Double-declining-balance

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 6EB: Match the activity with the most appropriate cost driver. Table 6.6

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	Machine A	Machine B	Machine C
Cost of the asset	$	9,600		$	38,800	$	22,600
Installation costs		850			2,700		1,800
Renovation costs prior to use		650			2,300		2,800
Repairs after production began		700			700		1,300

	Estimates
Machine	Life	Residual Value	Depreciation Method
A	5	years		$	1,600	Straight-line
B	20,000	hours			1,200	Units-of-production
C	10	years			2,000	Double-declining-balance