Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1,2023 , a machine was purchased for $9

On January 1,2023 , a machine was purchased for $95,000. The machine has an estimated...

60.1K

Verified Solution

Question

Accounting

imageimageimage

On January 1,2023 , a machine was purchased for $95,000. The machine has an estimated salvage value of $7,280 and an estimated useful life of 5 years. The machine can operate for 102,000 hours before it needs to be replaced. The company closed its books on December 31 and operates the machine as follows: 2023, 20,400 hours; 2024, 25,500 hours; 2025, 15,300 hours; 2026,30,600 hou and 2027,10,200 hours. (a) Compute the annual depreciation charges over the machine's life assuming a December 31 year-end for each of the following depreciation methods. (Round rate per hour to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 45,892.) Double-Declining-Balance Method Assume a fiscal year-end of September 30. Compute the annual depreciation charges over the asset's life applying each of the following methods. (Round answers to 0 decimal places, e.g. 45,892.)

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