Jon Bonjovi Guitar Corp. purchased machinery on May 1, 2020. The following are provided concerning the machinery.     Machinery cost      $ 315,000         Estimated salvage value         15,000         Estimated useful life                10 years     Estimated production        240,000 units       Estimated working hours         25,000 hours     Actual hours used in 2021           2,650 hours     Actual units produced in 2021       25,500 units                   Instructions:             From the information given, compute the depreciation charge for 2021 under each of the following methods. (Round to the nearest dollar.)Please show all steps (e) Declining-balance (use 20% as the annual rate).                    $

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Jon Bonjovi Guitar Corp. purchased machinery on May 1, 2020. The following are provided concerning the machinery.
    Machinery cost      $ 315,000    
    Estimated salvage value         15,000    
    Estimated useful life                10 years
    Estimated production        240,000 units  
    Estimated working hours         25,000 hours
    Actual hours used in 2021           2,650 hours
    Actual units produced in 2021       25,500 units  
               
Instructions:            
From the information given, compute the depreciation charge for 2021 under each of the following methods. (Round to the nearest dollar.)Please show all steps
(e) Declining-balance (use 20% as the annual rate).    
               $           
               
               
               

 

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