Sonic Corporation purchased and installed electronic payment equipment at its drive-in restaurants in San Marcos, TX, at a cost of $37,800. The equipment has an estimated residual value of $3,000. The equipment is expected to process 266,000 payments over its three-year useful life. Per year, expected payment transactions are 63,840, year 1; 146,300, year 2; and 55,860, year 3. Required: Complete a depreciation schedule for each of the alternative methods. 1. Straight-line. 2. Units-of-production. 3. Double-declining-balance. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete a depreciation schedule for the units-of-production method. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Income Statement Balance Sheet Year Depreciation Expense Cost Accumulated Depreciation Book Value At acquisition $ 37,800 1 $ 2 $ 8,363 $ 19,166 $ 37,800 $ 8,544 37,800 $ 27,528 $29,436 × $10,272 3 $ 7,272 $ 37,800 $ 34,800 $ 3,000 < Required 1 Required 3 >
Sonic Corporation purchased and installed electronic payment equipment at its drive-in restaurants in San Marcos, TX, at a cost of $37,800. The equipment has an estimated residual value of $3,000. The equipment is expected to process 266,000 payments over its three-year useful life. Per year, expected payment transactions are 63,840, year 1; 146,300, year 2; and 55,860, year 3. Required: Complete a depreciation schedule for each of the alternative methods. 1. Straight-line. 2. Units-of-production. 3. Double-declining-balance. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete a depreciation schedule for the units-of-production method. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Income Statement Balance Sheet Year Depreciation Expense Cost Accumulated Depreciation Book Value At acquisition $ 37,800 1 $ 2 $ 8,363 $ 19,166 $ 37,800 $ 8,544 37,800 $ 27,528 $29,436 × $10,272 3 $ 7,272 $ 37,800 $ 34,800 $ 3,000 < Required 1 Required 3 >
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter9: Depreciation (deprec)
Section: Chapter Questions
Problem 1R: Dunedin Drilling Company recently acquired a new machine at a cost of 350,000. The machine has an...
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