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Sweet Manufacturing purchased a machine on January 1,2023 for use in its factory. Sweet paid...

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Accounting

Sweet Manufacturing purchased a machine on January 1,2023 for use in its factory. Sweet paid $625,000 for the machine and estimated that it had a useful life of 10 years, at the end of which time the machine was expected to have a residual value of $40,000. During its life, the machine was expected to produce 300,000 units. During 2023, the machine produced 34,800 units, and produced 45,400 in 2024. The machine was subject to a 20% CCA rate, and Sweet's year-end was December 31. The machine is eligible for the Accelerated Investment Incentive.
(a)
Calculate the annual depreciation amount for 2023 and 2024 using the straight-line method.
\table[[,,2023,2024],[Annual depreciation amount,$,,]]
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