Solution-Calculate the carrying amount at the end for the

Calculate the carrying amount at the end for the machine

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Reference no: EM132793748

Moonshine Corporation purchased a new machine on Jan 4, 2019 for $205,000 cash. The machine has a useful life of five years or of 30,000 hours. After the useful life the machine will have a residual value of $2,000. The machine was used for 4,200 hours in 2019 and 5,600 hours in 2020.

problem 1: Calculate the depreciation expense for 2019 and 2020 under each of the following methods:

i. Straight-line
ii. Double diminishing-balance
iii. Units-of -production

problem 2: Calculate the carrying amount at the end of 2020 for the machine when the company is using the Straight-line depreciation method.

problem 3: Record the journal entry for the cash purchase of the machine on Jan 4, 2019 and for its depreciation expense for the year ended December 31, 2020 under the units-of-production method.

Reference no: EM132793748

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Calculate the carrying amount at the end for the machine

Reference no: EM132793748

Reference no: EM132793748

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