P.322.Subject :- Accounting 1234Straight LineYearCompute depreciation for each year (and total depreciation of all years combined) for the machine under the Units ofproduction.YearYearYearYearTotalStraight LineUnits ofProductionYearYear 1Year 2Year 3Year 4TotalUnits122,300124,000119,800137,900DoubledecliningbalanceUnits ofProductionUnits of ProductionDepreciableUnits122,300$124,000 $119,800$$Beginningof PeriodBook Value366,100Depreciationper unit0.40%%0.40DoubledecliningbalanceCompute depreciation for each year (and total depreciation of all years combined) for the machine under the Double-declining-balance.%%0.40Double-declining-balance Depreciation for the0.40PeriodDepreciation DepreciationRateExpenseDepreciationExpense48,92049,40048,920 X48,920 X0$$196,160End of PeriodAccumulatedDepreciationBook Value$0000 A machine costing $214,600 with a four-year life and an estimated $17,000 salvage value i installed in Luther Company's factory onJanuary 1. The factory manager estimates the machine will produce 494,000 units of product during its life. It actually produces thefollowing units: 122,300 in Year 1, 124,000 in Year 2, 119,800 in Year 3, 137,900 in Year 4. The total number of units produced by the end.of Year 4 exceeds the original estimate-this difference was not predicted. Note: The machine cannot be depreciated below itsestimated salvage value.Required:Compute depreciation for each year (and total depreciation of all years combined) for the machine under each depreciation method.Note: Round your per unit depreciation to 2 decimal places. Round your answers to the nearest whole dollar.

Name: P.322.Subject :- Accounting 1234Straight LineYearCompute depreciation
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Description: P.322.Subject :- Accounting 1234Straight LineYearCompute depreciation for each year (and total depreciation of all years combined) for the machine under the Units ofproduction.YearYearYearYearTotalStraight LineUnits ofProductionYearYear 1Year 2Year

Depreciation expense is one of the indirect expenses for the entity and is categorized under…

Business

Accounting

Required: Compute depreciation for each year (and total depreciation of all years combined) for the machine under each depreciation method. Note: Round your per unit depreciation to 2 decimal places. Round your answers to the nearest whole dollar.

Required: Compute depreciation for each year (and total depreciation of all years combined) for the machine under each depreciation method. Note: Round your per unit depreciation to 2 decimal places. Round your answers to the nearest whole dollar.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Exercise 10-24 On December 31, 2020, Vaughn Inc. has a machine with a book value of $1,353,600. The original cost and related accumulated depreciation at this date are as follows. Machine $1,872,000 Less: Accumulated depreciation 518,400 Book value $1,353,600 Depreciation is computed at $86,400 per year on a straight-line basis.Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. Your answer is partially correct. Try again. A fire completely destroys the machine on August 31, 2021. An insurance settlement of $619,200 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If…
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