FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Ivanhoe Limited purchased a machine on account on April 1, 2021, at an invoice price of $378,380. On April 2, it paid $2,130 for delivery of the machine. A one-year, $3,710 insurance policy on the machine was purchased on April 5. On April 19, Ivanhoe paid $7,920 for installation and testing of the machine. The machine was ready for use on April 30. Ivanhoe estimates the machine's useful life will be five years or 6,054 units with a residual value of $72,200. Assume the machine produces the following numbers of units each year: 893 units in 2021: 1,547 units in 2022; 1,308 units in 2023; 1,201 units in 2024; and 1,105 units in 2025. Ivanhoe has a December 31 par end. (a) Your answer is correct. Determine the cost of the machine.
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Transcribed Image Text:Ivanhoe Limited purchased a machine on account on April 1, 2021, at an invoice price of $378,380. On April 2, it paid $2,130 for delivery of the machine. A one-year, $3,710 insurance policy on the machine was purchased on April 5. On April 19, Ivanhoe paid $7,920 for installation and testing of the machine. The machine was ready for use on April 30. Ivanhoe estimates the machine's useful life will be five years or 6,054 units with a residual value of $72,200. Assume the machine produces the following numbers of units each year: 893 units in 2021: 1,547 units in 2022; 1,308 units in 2023; 1,201 units in 2024; and 1,105 units in 2025. Ivanhoe has a December 31 par end. (a) Your answer is correct. Determine the cost of the machine.
Calculate the annual depreciation and total depreciation over the asset's life using (Round the depreciation cost per unit to 2 decimal places Round answers to 0 decimal places, eg 5,275) (1) Straight-line method 2 Depreciable Amount (2) Double-diminishing-balance method Opening Carrying Amount $ (3) Units-of-production method Units-of-production 893 1547 1308 1201 Depreciation Expense $ Depreciation Expense Depreciation Expense Accumulated Depreciation $ Carrying Amount Accumulated Depreciation S Accumulated Depreciation $ Carrying Amount 72200 Carrying Amount
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Transcribed Image Text:Calculate the annual depreciation and total depreciation over the asset's life using (Round the depreciation cost per unit to 2 decimal places Round answers to 0 decimal places, eg 5,275) (1) Straight-line method 2 Depreciable Amount (2) Double-diminishing-balance method Opening Carrying Amount $ (3) Units-of-production method Units-of-production 893 1547 1308 1201 Depreciation Expense $ Depreciation Expense Depreciation Expense Accumulated Depreciation $ Carrying Amount Accumulated Depreciation S Accumulated Depreciation $ Carrying Amount 72200 Carrying Amount
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Step 1: Introduction:
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Step 2: (1) Straight Line method:
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Step 3: 2. Double diminishing balance Method
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Step 4: 3. Depreciation schedule – units of production method
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