In recent years, Blossom Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost Residual Value Useful Life (in years) Depreciation Method 1 Jan. 1, 2025 $86,500 $10,900 5 Straight-line 2 July 1, 2026 77,500 10,590 5 Diminishing-balance 3 Nov. 1, 2026 75,521 6,050 6 Units-of-production For the diminishing-balance method, Blossom Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 25,730. Actual hours of use in the first 3 years were: 2026, 420; 2027, 4,490; and 2028, 4,970. (a) Your answer is partially correct. Prepare separate depreciation schedules for each machine. Prepare the schedule for all years, information permitting. (Round depreciation per unit to 2 decimal places, e.g. 5.20 and answers to the nearest whole dollar, e.g. 5,275. Do not leave any answer field blank. Enter O for amounts.)

In recent years, Blossom Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Machine Acquired Cost Residual Value Useful Life (in years) Depreciation Method 1 Jan. 1, 2025 $86,500 $10,900 5 Straight-line 2 July 1, 2026 77,500 10,590 5 Diminishing-balance 3 Nov. 1, 2026 75,521 6,050 6 Units-of-production For the diminishing-balance method, Blossom Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 25,730. Actual hours of use in the first 3 years were: 2026, 420; 2027, 4,490; and 2028, 4,970. (a) Your answer is partially correct. Prepare separate depreciation schedules for each machine. Prepare the schedule for all years, information permitting. (Round depreciation per unit to 2 decimal places, e.g. 5.20 and answers to the nearest whole dollar, e.g. 5,275. Do not leave any answer field blank. Enter O for amounts.)

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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 29P

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