on 7/1/16 kale company purchased a machine for 1980000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. on 1/1/19 ale determined thta...
on 7/1/16 kale company purchased a machine for 1980000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. on 1/1/19 ale determined thta the machine had a useful life of six years from the date of aquisition and will have a salvage value of 180000. an accounting change was made in 2019 to reflect these additional data. prepare the entry or entried related to the machine for 2019. what is the accumulated depreciation for this machine at 12/31/19?
Homework Answers
| Date | Account Title and Explanation | Debit | Credit |
| 12/31/19 | Depreciation Expense | 196875 | |
| Accumulated depreciation | 196875 | ||
Accumulated Depreciation for this machine at 12/31/19 = Accumulated depreciation till 01/01/19 + Depreciation expense for 2019
= 618750+196875
= $ 815,625
Calculations:
Before revision of estimated life of machine
| Cost machine | 1980000 |
| Salvage Value | 0 |
| Depreciable base | 1980000 |
| Useful life (Original) | 8 |
| Annual depreciation under straight line method (1980000/8) | 247500 |
| Accumulated depreciation till 01/01/2019 (2.5 years x 247500) | 618750 |
| Book value on 01/01/2019 (1980000-618750) | 1361250 |
After revision of estimated life of machine
| Net book value | 1361250 |
| Salvage value (new) | -180000 |
| Depreciable base | 1181250 |
| Useful life remaining | 6 |
| Annual depreciation | 196875 |
Add Answer to:
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