Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. novak corp. purchased machinery for $321,300 on ma

Novak Corp. purchased machinery for $321,300 on May 1, 2017. It is estimated that it...

90.2K

Verified Solution

Question

Accounting

Novak Corp. purchased machinery for $321,300 on May 1, 2017. It is estimated that it will have a useful life of 10 years, salvage value of $15,300, production of 244,800 units, and working hours of 25,000. During 2018, Novak Corp. uses the machinery for 2,650 hours, and the machinery produces 26,010 units.

image

Novak Corp. purchased machinery for $321,300 on May 1, 2017. It is estimated that it will have a useful life of 10 years, salvage value of $15,300, production of 244,800 units, and working hours of 25,000. During 2018, Novak Corp. uses the machinery for 2,650 hours, and the machinery produces 26,010 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 to 0 decimal places, e.g. 45,892.) (a) Straight-line (b) Units-of-output (c) Working hours (d) Sum-of-the-years'-digits (e) Declining-balance (use 20% as the annual rate)

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Explain the purpose and the format of the statement of cash flows. Also, describe its relevance...

Finance
Q

Explain in very details what happen inside the 7805 regulator to convert 7-12 voltage to 5...

Electrical Engineering
Q

As an investor, what should you look for when performing ratio analysis of a company? What...

Finance
Q

Building Your Skills Case [LO8-2, LO8-4, LO8-8, LO8-9, LO8-10] You have just been hired as a...

Accounting
Q

Why wouldn t it be advisable to compare growth of the organisms on each plate...

Biology
Q

Construct the indicated confidence interval for the difference between the two population means Assume that...

Statistics
Q

An acute angle, o, is in a right triangle such that cos?=24/25. What is the...

Calculus
Q

Solve each question Round your answer to two digits 2 Working alone Micaela can sweep...

Algebra
Q

During 2025, Nilsen Company started a construction job with a contract price of $1,600,000. The...

Accounting
Q

Benton Corporation produces two grades of non-alcoholic wine from grapes that it buys from California...

Accounting
Q

1 Hel 1 1 10 12 13 14 19 100 points Employees earned $840...

Accounting
Q

1. Find the trade discount and net price. (Lesson 1) Item List Price Trade-Discount Trade...

Accounting