Homework Answers
1) Straight line
| Date | account and explanation | Debit | Credit |
| Dec 31,2017 | Depreciation expense (1100000-100000/10)*6/12 | 50000 | |
| Accumulated depreciation-Machine | 50000 | ||
| Dec 31,2018 | Depreciation expense | 100000 | |
| Accumulated depreciation-Machine | 100000 | ||
2) Unit of production
| Date | account and explanation | Debit | Credit |
| Dec 31,2017 | Depreciation expense (48000*.50) | 24000 | |
| Accumulated depreciation-Machine | 24000 | ||
| Dec 31,2018 | Depreciation expense (116000*.50) | 58000 | |
| Accumulated depreciation-Machine | 58000 | ||
3) Double decline balance
| Date | account and explanation | Debit | Credit |
| Dec 31,2017 | Depreciation expense (1100000*20%*6/12) | 110000 | |
| Accumulated depreciation-Machine | 110000 | ||
| Dec 31,2018 | Depreciation expense (110000+1100000*80%*20%*6/12) | 198000 | |
| Accumulated depreciation-Machine | 198000 | ||
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Problem 7 On June 30, 2017 Bass Company purchased a machine for $1,100,000. The machine has useful life 10 years or 2,0...
machine 1: cost 76,000 salvage value 6,000 useful life 10 years purchased 7/1/16 machine 2: cost...
machine 1:
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salvage value 6,000
useful life 10 years
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machine 2:
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salvage value 10,000
useful life 8 years
purchased 1/1/13
machine 3:
cost 78,000
salvage value 6,000
useful life 6 years = 24,000 hours
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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
machine 3:
cost 78,000
salvage value 6,000
useful life 6 years = 24,000 hours
purchased 1/1/18
Problem: In recent years, Hrubeck Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods were selected. Information concerning...
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