F13. Thomson's PP&E information and depreciation methods are summarized below.Fixed Asset and Depreciation ScheduleAcquisition Cost ResidualDateValueAssetsBuildingTruckEquipment1/1/20202020202120222023202420251/1/20201/1/202030,000 5,00020,000 2,00010,000 2,0001/1/202010,0001,2001,1001,1001,0001,0001,000DepreciationMethodMachineMachine's estimated production over 6 years is 6,000 units. The following is the actual production:YearProduction (units)1,000Double-decliningStraight-lineSum-of-theyears'-digitsUnit-of-ProductionUsefullife7866What is the total amount of depreciation expense that Thomson should recognize at the end of 2020?

The depreciation expense is charged on fixed assets on the basis of usage and time spent on the…

Thomson's PP&E information and depreciation methods are summarized below. Fixed Asset and Depreciation Schedule Acquisition Cost Residual Date Value Assets Building Truck Equipment Machine 1/1/2020 2020 2021 2022 2023 2024 2025 1/1/2020 1/1/2020 30,000 5,000 20,000 2,000 10,000 2,000 1/1/2020 1,200 1,100 1,100 Depreciation Method 1,000 1,000 1,000 Double-declining Straight-line Sum-of-the years'-digits Unit-of-Production 10,000 1,000 Machine's estimated production over 6 years is 6,000 units. The following is the actual production: Year Production (units) Useful life 7 8 6 6 I What is the total amount of depreciation expense that Thomson should recognize at the end of 2020?

Thomson's PP&E information and depreciation methods are summarized below. Fixed Asset and Depreciation Schedule Acquisition Cost Residual Date Value Assets Building Truck Equipment Machine 1/1/2020 2020 2021 2022 2023 2024 2025 1/1/2020 1/1/2020 30,000 5,000 20,000 2,000 10,000 2,000 1/1/2020 1,200 1,100 1,100 Depreciation Method 1,000 1,000 1,000 Double-declining Straight-line Sum-of-the years'-digits Unit-of-Production 10,000 1,000 Machine's estimated production over 6 years is 6,000 units. The following is the actual production: Year Production (units) Useful life 7 8 6 6 I What is the total amount of depreciation expense that Thomson should recognize at the end of 2020?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.2.2MBA

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Using the information from EA7, calculate depreciation using the straight-line method.
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