FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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A machine with a cost of $77,082.00 has an estimated residual value of $5,948.00 and an estimated life of 6 years or 14,483 hours. It is to be
Select the correct answer.
$23,711.33
$11,855.67
$21,203.17
$22,976.11
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- I need some help please? also the annual production (units) and the Depreciation expensearrow_forwardA machine has a cost of $15,300, an estimated residual value of $3,900, an estimated useful life of five years. The machine is being deprecated on a straight line basis. At the end of the second year what amount will be reported for accumulated deprecationarrow_forwardA machine with a cost of $180,000 has an estimated residual value of $20,000 and an estimated life of 4 years or 20,000 hours. It is to be depreciated by the units-of-activity method. What is the amount of depreciation for the second full year, during which the machine was used 5,000 hours? $5,000 b. $50,000 $20,000 Od $40,000arrow_forward
- A machine with a cost of $65,400 has an estimated residual value of $4,262 and an estimated life of 5 years or 19,244 hours. What is the amount of depreciation for the second full year, using the double-declining-balance method? a.$13,080 b.$26,160 c.$15,696 d.$24,455arrow_forwardPrepare a depreciation schedule for the following machine: the machine cost $43,000; it has an estimated residual value of $5,300 and expected life of 280,000 units. The units produced were: Year Units Depreciation Book value at the end of each year Year 1 95,000 units Year 2 80,000 units Year 3 50,000 units Year 4 35,500 units Year 5 30,000 units I need help working these problems out. Explain in detail please.arrow_forwardA machine with a cost of $59,600 has an estimated residual value of $3,072 and an estimated life of 5 years or 15,462 hours. What is the amount of depreciation for the second full year, using the double-declining-balance method? a.$11,920 b.$14,304 c.$22,611 d.$23,840arrow_forward
- I have the answer and question below but I just needf to know how to work it out Solve the problem. Round unit depreciation to nearest cent when making the schedule, and round final results to the nearest cent. A construction company purchased a piece of equipment for $1,710. The expected life is 7,000 hours, after which it will have a salvage value of $280. Find the amount of depreciation for the first year if the piece of equipment was used for 1,600 hours. Use the units-of-production method of depreciation. Answer: ($320)arrow_forwardA machine was purchased at an original cost of P3,250,114 with a salvage value of P386.985. The machine is expected to perform for 365,281 hours and can produce total units of 574,125. The machine has the following outputs: First year: H-20.243 hours O-45,754 units Second year: H-19,854 hours 0-41,658 units Third year: H-19.895 hours 0-42.036 units Fourth year H-17.856 hours O-36.025 units Determine the following: A)Book value at the end of four years using Service-Output Method. B.)Total depreciation at the end of 2nd year using Working-Hours Method. C.)Book value at the end of three years using Working-Hours Method. (Please provide detailed solution not in excel, thank you)arrow_forwardA machine with a cost of $68,856 has an estimated residual value of $5,301 and an estimated life of 3 years or 15,143 hours. It is to be depreciated by the units-of-activity method. What is the amount of depreciation for the second full year, during which the machine was used 4,595 hours? Do not round your intermediate calculations. a. $21,185.00 b. $42,370.00 c. $19,285.16 d. $20,893.70arrow_forward
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