1. Determine the appropriate amounts to complete the following schedule.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Torge Company bought a machine for $66,800 cash. The estimated useful life was five years, and the estimated residual value was
$5,600. Assume that the estimated useful life in productive units is 153,000. Units actually produced were 40,600 in year 1 and 45,900
in year 2.
Required:
1. Determine the appropriate amounts to complete the following schedule.
Method of Depreciation
Straight-line
Units-of-production
Double-declining-balance
Depreciation Expense for
Year 1
Year 2
Book Value at the End of
Year 11
Year 2
Transcribed Image Text:Torge Company bought a machine for $66,800 cash. The estimated useful life was five years, and the estimated residual value was $5,600. Assume that the estimated useful life in productive units is 153,000. Units actually produced were 40,600 in year 1 and 45,900 in year 2. Required: 1. Determine the appropriate amounts to complete the following schedule. Method of Depreciation Straight-line Units-of-production Double-declining-balance Depreciation Expense for Year 1 Year 2 Book Value at the End of Year 11 Year 2
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