Solution-Compute amount of accumulated depreciation on each

Compute amount of accumulated depreciation on each machine

Reference no: EM132196207

Question - In recent years, Sheridan Company has purchased three machines. Because of the FRequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each method for each machine, and various methods have been sued. Information concerning the machines is summarized in the table below.

Machine	Acquired	Cost	Salvage Value	Useful Life (in years)	Depreciation Method
1	Jan. 1, 2015	$133,000	$45,000	8	Straight-line
2	July 1, 2016	86,500	10,500	5	Declining-balance
3	Nov. 1, 2016	68,200	8,200	6	Units-of-activity

For the declining-balance method, Sheridan Company uses the double-declining rate. For the units-of activity method, total machine hours are expected to be 30,000. Actual hours of use in the first 3 years were: 2016, 620; 2017, 5,300; and 2018, 6,900.

Compute the amount of accumulated depreciation on each machine at December 31, 2018.

If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2016? In 2017?

Reference no: EM132196207

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Compute amount of accumulated depreciation on each machine

Reference no: EM132196207

Reference no: EM132196207

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