Shamrock Company purchased machinery on January 1, 2017, for $ 97,600. The machinery is estimated to...

Shamrock Company purchased machinery on January 1, 2017, for $ 97,600. The machinery is estimated to have a salvage value of $ 9,760 after a useful life of 8 years. 1. Compute 2017 depreciation expense using the sum-of-the-years'-digits method. 2.Compute 2017 depreciation expense using the sum-of-the-years'-digits method, assuming the machinery was purchased on April 1, 2017.

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ekkarill92 answered 2 years ago

Whispering Company purchased machinery for $165,900 on January 1, 2017. It is estimated that the machinery...

Whispering Company purchased machinery for $165,900 on January 1, 2017. It is estimated that the machinery will have a useful life of 20 years, salvage value of $14,700, production of 91,100 units, and working hours of 46,100. During 2017, the company uses the machinery for 13,369 hours, and the machinery produces 12,754 units. Compute depreciation under the straight-line, units-of-output, working hours, sum-of-the-years’-digits, and double-declining-balance methods. (Round intermediate calculations to 5 decimal places, e.g. 1.56487 and final answers to 0 decimal...

Kingbird Company purchased machinery on January 1, 2017 for $99200. The machinery is estimated to have...

Kingbird Company purchased machinery on January 1, 2017 for $99200. The machinery is estimated to have a salvage value of $9,920 after a useful life of 8 years. A. Compute the 2017 depreciation expense using double-declining balance method. B. Compute 2017 depreciation expense using the double-declining-balance method, assuming the machinery was purchased on October 1, 2017.

1. Jalloh Company purchased machinery for $162,000 on January 1, 2017. It is estimated that the...

1. Jalloh Company purchased machinery for $162,000 on January 1, 2017. It is estimated that the machinery will have a useful life of 20 years, salvage value of $15,000, production of 84,000 units, and working hours of 42,000. During 2017, the company uses the machinery for 14,300 hours, and the machinery produces 20,000 units. Compute depreciation under the straight-line, unit of output, working hours, sum of the year’s digits, and double-declining balance methods.

Metlock Company purchased machinery on January 1, 2020, for $88,000. The machinery is estimated to have...

Metlock Company purchased machinery on January 1, 2020, for $88,000. The machinery is estimated to have a salvage value of $8,800 after a useful life of 8 years. New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Compute 2020 depreciation expense using the double-declining-balance method. Depreciation expense $enter Depreciation expense in dollars eTextbook and Media New attempt is in progress. Some of the new entries may impact the...

heffield Company purchased machinery on January 1, 2020, for $93,600. The machinery is estimated to have...

heffield Company purchased machinery on January 1, 2020, for $93,600. The machinery is estimated to have a salvage value of $9,360 after a useful life of 8 years. New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Compute 2020 depreciation expense using the sum-of-the-years'-digits method. Depreciation expense $enter Depreciation expense in dollars eTextbook and Media New attempt is in progress. Some of the new entries may impact the...

Bonita Company purchased machinery on January 1, 2020, for $87,200. The machinery is estimated to have...

Bonita Company purchased machinery on January 1, 2020, for $87,200. The machinery is estimated to have a salvage value of $8,720 after a useful life of 8 years. Compute 2020 depreciation expense using the double-declining-balance method. Compute 2020 depreciation expense using the double-declining-method method assuming the machinery was purchased on September 1, 2020.

Concord Corp. purchased machinery for $465,000 on May 1, 2017. It is estimated that it will...

Concord Corp. purchased machinery for $465,000 on May 1, 2017. It is estimated that it will have a useful life of 10 years, residual value of $15,000, production of 360,000 units, and 25,000 working hours. The machinery will have a physical life of 15 years and a salvage value of $3,000. During 2018, Concord Corp. used the machinery for 2,550 hours and the machinery produced 25,500 units. Concord prepares financial statements in accordance with IFRS. From the information given, calculate...

Tamarisk Corp. purchased machinery for $327,600 on May 1, 2017. It is estimated that it will...

Tamarisk Corp. purchased machinery for $327,600 on May 1, 2017. It is estimated that it will have a useful life of 10 years, salvage value of $15,600, production of 249,600 units, and working hours of 25,000. During 2018, Tamarisk Corp. uses the machinery for 2,650 hours, and the machinery produces 26,520 units. From the information given, compute the depreciation charge for 2018 under each of the following methods. (Round intermediate calculations to 2 decimal places, e.g. 5.25 and final answers...

Marigold Corp. purchased machinery for $327,600 on May 1, 2017. It is estimated that it will...

Marigold Corp. purchased machinery for $327,600 on May 1, 2017. It is estimated that it will have a useful life of 10 years, salvage value of $15,600, production of 249,600 units, and working hours of 25,000. During 2018, Marigold Corp. uses the machinery for 2,650 hours, and the machinery produces 26,520 units. From the information given, compute the depreciation charge for 2018 under each of the following methods. (Round intermediate calculations to 2 decimal places, e.g. 5.25 and final answers...

On January 1, 2016, Verlin Co. purchased new machinery for $300,000. The machinery has an estimated...

On January 1, 2016, Verlin Co. purchased new machinery for $300,000. The machinery has an estimated useful life of ten years, and depreciation is computed by the sum-of-the-years'-digits method. 20,000 Salvage. A) The accumulated depreciation on this machinery at December 31, 2017 is __________. Please prepare/show the journal entries for 12/31/2016; 12/31/2017; and 12/31/2018.

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