Rizio Co. purchases a machine for $15,000, terms 2/10, n/60, FOB shipping point. The seller prepaid the $339 freight charges, adding the amount to the invoice and bringing its total to $15,339. The machine requires special steel mounting and power connections costing $1,037. Another $489 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting, $360 in damages occurred. Materials costing $40 are used in adjusting the machine to produce a satisfactory product. The adjustments are normal for this machine and are not the result of the damages. Complete the below table to calculate the cost recorded for this machine. (Rizio pays for this machine within the cash discount period.) Amount Included in Cost of Equipment: Invoice price of machine Net purchase price 0 Total cost to be recorded 0 QS 10-3 Straight-line depreciation LO P1 On January 1, the Matthews Band pays $69,000 for sound equipment. The band estimates it will use this equipment for five years and perform 200 concerts. It estimates that after five years it can sell the equipment for $2,000. During the first year, the band performs 45 concerts. Compute the first-year depreciation using the straight-line method. Straight-Line Depreciation Choose Numerator: Choose Denominator: Annual Depreciation Expense Depreciation expense = QS 10-4 Units-of-production depreciation LO P1 On January 1, the Matthews Band pays $69,200 for sound equipment. The band estimates it will use this equipment for four years and perform 200 concerts. It estimates that after four years it can sell the equipment for $1,000. During the first year, the band performs 45 concerts. Compute the first-year depreciation using the units-of-production method. Select formula for the depreciation rate of Units of Production: Calculate the first year depreciation expense: Depreciation per concert Concerts in first year Depreciation in first year Dlaz Company owns a milling machine that cost $125,200 and has accumulated depreciation of $91,600. Prepare the entry to record the disposal of the milling machine on January 3 under each of the following Independent situations. 1. The machine needed extensive repairs, and it was not worth repairing. Dlaz disposed of the machine, receiving nothing in return. 2. Dlaz sold the machine for $17,000 cash. 3. Dlaz sold the machine for $33,600 cash. 4. Dlaz sold the machine for $40,300 cash. View transaction list Journal entry worksheet