machine costed 450000 in 1/1/16. life if 7 years. residual value 20000. on 1/1/19 determined it...
Homework Answers
Cost = $450,000
Residual value = $20,000
Depreciation Expense = [Cost - Residual value) / Useful life
Depreciation Expense = [$450,000 - $20,000] / 7
Depreciation Expense = $61,428.57
Book value in the beginning of 1/1/19 = $450,000 - ($61,428.57*3)
Book value in the beginning of 1/1/19 = $265,714.29
Revised useful life = 10 years, another 7 years
Residual value = $18,000
Depreciation expense for 2019 = [$265,714.29 - $18,000] /7
Depreciation expense for 2019 = $35,387.76
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machine 1: cost 76,000 salvage value 6,000 useful life 10 years purchased 7/1/16 machine 2: cost...
machine 1:
cost 76,000
salvage value 6,000
useful life 10 years
purchased 7/1/16
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machine 1:
cost 76,000
salvage value 6,000
useful life 10 years
purchased 7/1/16
machine 2:
cost 80,000
salvage value 10,000
useful life 8 years
purchased 1/1/13
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cost 78,000
salvage value 6,000
useful life 6 years = 24,000 hours
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