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Depreciation Question: A company purchased a machine on January 1 of the current year for $50,000....

Depreciation Question:

A company purchased a machine on January 1 of the current year for $50,000. Calculate the annual depreciation expense for each year of the machine's life (estimated at 5 years or 25,000 hours with a salvage value of $5,000). During the machine's 5-year life its hourly usage was: 4,500; 4,000; 6,000; 6,000; and 4,500 hours respectively.

Need help filling out this chart please:

Year: Straight-line: Units of Production: Double-declining balance

Year 1: $______ $_______ $________

Year 2: _______ ______ _______

Year 3: ______ _______ _______

Year 4: _______ ______ ________

Year 5: ______ ________ _______

Total: ______ ______ _________

And need help w journal entries:

Prepare the journal entry to dispose of the machine on Jan. 1 of year 6 assuming it was sold for $3,000 cash.

      Date

                  Account Titles

Debit

Credit

Jan

1
business   accounting   
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Answer #1

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