Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a company buys a new machine on july 1,2022, and i

A company buys a new machine on July 1,2022, and it is put into use...

90.2K

Verified Solution

Question

Accounting

A company buys a new machine on July 1,2022, and it is put into use immediately.
Purchase price with installation is 132,000.
It is assumed that it will be used for 5 years and that the salvage value (salvage value) after 5 years will be 18,000.
a) Calculate the annual depreciation based on 1)Straight-line depreciationi 2)double-declining
b) What will be the charged depreciation for the year 2022, incl. use for six months according to these depreciation methods.What will be the accumulated depreciation and book value at the end of 2023, incl. these two depreciation methods?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students