Question
In: Accounting
Sterling Steel Inc. purchased a new stamping machine at the beginning of the year at a...
Sterling Steel Inc. purchased a new stamping machine at the beginning of the year at a cost of $720,000. The estimated residual value was $76,800. Assume that the estimated useful life was five years, and the estimated productive life of the machine was 268,000 units. Actual annual production was as follows: Year Units 1 78,000 2 66,000 3 30,000 4 58,000 5 36,000 Complete a separate depreciation schedule for each of the alternative methods. (Round your answers to the nearest dollar amount. Do not round your intermediate calculations. Omit the "$" sign in your response.) Straight-line. Units-of-production. . Double-declining-balance.
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ekkarill92 answered 1 year agoRelated Solutions
Strong Metals Inc. purchased a new stamping machine at the beginning of the year at a...
Strong Metals Inc. purchased a new stamping machine at the
beginning of the year at a cost of $1,000,000. The estimated
residual value was $92,800. Assume that the estimated useful life
was five years, and the estimated productive life of the machine
was 324,000 units. Actual annual production was as
follows:
Year
Units
1
86,000
2
74,000
3
41,000
4
69,000
5
54,000
Required:
1. Complete a separate depreciation schedule
for each of the alternative methods. (Do not round your...
Strong Metals Inc. purchased a new stamping machine at the beginning of the year at a...
Strong Metals Inc. purchased a new stamping machine at the
beginning of the year at a cost of $1,330,000. The estimated
residual value was $70,000. Assume that the estimated useful life
was five years and the estimated productive life of the machine was
300,000 units. Actual annual production was as follows:
Year
Units
1
70,000
2
67,000
3
50,000
4
73,000
5
40,000
Required:
1. Complete a separate depreciation schedule
for each of the alternative methods.
year
depreaction expense
accumulated...
Strong Metals Inc. purchased a new stamping machine at the beginning of the year at a...
Strong Metals Inc.
purchased a new stamping machine at the beginning of the year at a
cost of $1,330,000. The estimated residual value was $70,000.
Assume that the estimated useful life was five years and the
estimated productive life of the machine was 300,000 units. Actual
annual production was as follows:
Year
Units
1
70,000
2
67,000
3
50,000
4
73,000
5
40,000
Required:
1.
Complete a separate depreciation schedule for each of the
alternative methods.
a. Straight-line.
b.
Units-of-production....
Strong Metals Inc. purchased a new stamping machine at the beginning of the year at a...
Strong Metals Inc. purchased a new stamping machine at the
beginning of the year at a cost of $1,330,000. The estimated
residual value was $70,000. Assume that the estimated useful life
was five years and the estimated productive life of the machine was
300,000 units. Actual annual production was as follows:
Year
Units
1
70,000
2
67,000
3
50,000
4
73,000
5
40,000
Required:
1. Complete a separate depreciation schedule
for each of the alternative methods.
year
depreaction expense
accumulated...
At the beginning of Year 1, Colonial Corporation purchased a new machine at a cost of...
At the beginning of Year 1, Colonial Corporation purchased a new
machine at a cost of $68,000. The estimated residual value was
$7,000 and the estimated useful life was four years.
Required:
Calculate the depreciation expense in each year using the
double-declining balance method.
Davis machine works purchased a stamping machine $135,000 on March 1, 2007. The machine is expected...
Davis machine works purchased a stamping machine $135,000 on
March 1, 2007. The machine is expected to have a useful life of 5
years, salvage value of $12,000, production of 250,000 units, and
number of working hours of 30,000. During 2007, Davis used the
stamping machine for 2450 hours to produce 23,450 units. From the
information given compute the book depreciation expenses for the
life of the machine under each of the following methods: (a)
straight-line (b) double-declining-balance (without conversion...
One-year depreciation of MR machine purchased for $400,000 at the beginning of the year.
End of year adjustment – One-year depreciation of MR machine purchased for $400,000 at the beginning of the year. Cost: $400,000, Useful Life is 10 years. Calculate Straight-line and Accelerated Depreciation, Calculate The Double Declining Balance Depreciation, and Calculate The Sum of the Years Digits Depreciation.
Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at...
Swanson & Hiller,
Inc., purchased a new machine on September 1 of the current year at
a cost of $138,000. The machine’s estimated useful life at the time
of the purchase was five years, and its residual value was $8,000.
The company reports on a calendar year basis.
Required:
a-2.
Prepare a complete depreciation schedule, beginning with the
current year, using the 200 percent declining-balance method.
(Assume that the half-year convention is used).
a-3.
Prepare a complete depreciation schedule, beginning...
Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at...
Swanson & Hiller, Inc., purchased a new machine on September
1 of the current year at a cost of $160,000. The machine’s
estimated useful life at the time of the purchase was five years,
and its residual value was $10,000. The company reports on a
calendar year basis. Required: a-1. Prepare a complete depreciation
schedule, beginning with the current year, using the straight-line
method. (Assume that the half-year convention is used). a-2.
Prepare a complete depreciation schedule, beginning with the...
Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at...
Swanson & Hiller, Inc., purchased a new machine on September
1 of the current year at a cost of $170,000. The machine’s
estimated useful life at the time of the purchase was five years,
and its residual value was $10,000. The company reports on a
calendar year basis. Required:
a-1. Prepare a complete depreciation schedule, beginning with
the current year, using the straight-line method. (Assume that the
half-year convention is used).
a-2. Prepare a complete depreciation schedule, beginning with
the...
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