Current Attempt in Progress Crane Ltd. purchased a new machine on April 4, 2017, at a cost of $172,000. The company estimated that the machine would have a residual value of $14,000. The machine is expected to be used for 10,000 working hours during its four-year life. Actual machine usage was 1,600 hours in 2017: 2,000 hours in 2018; 2,200 hours in 2019; 2,300 hours in 2020; and 1,900 hours in 2021. Crane has a December 31 year end.

Current Attempt in Progress Crane Ltd. purchased a new machine on April 4, 2017, at a cost of $172,000. The company estimated that the machine would have a residual value of $14,000. The machine is expected to be used for 10,000 working hours during its four-year life. Actual machine usage was 1,600 hours in 2017: 2,000 hours in 2018; 2,200 hours in 2019; 2,300 hours in 2020; and 1,900 hours in 2021. Crane has a December 31 year end.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 19E

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