Reference no: EM131725666
Question 1 - Flint Company purchased equipment for $218,925 on October 1, 2017. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,600. Estimated production is 39,300 units and estimated working hours are 19,900. During 2017, Flint uses the equipment for 520 hours and the equipment produces 1,000 units.
Compute depreciation expense under each of the following methods. Flint is on a calendar-year basis ending December 31.
Question 2 - Skysong Company purchased equipment for $248,240 on October1, 2017. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $13,920. Estimated production is 40,400 units and estimated working hours are 20,000. During 2017, Skysong uses the equipment for 530 hours and the equipment produces 1,100 units.
Compute depreciation expense under each of the following methods. Skysong is on a calendar-year basis ending December 31.
(a) Straight-line method for 2017
(b) Activity method (units of output) for 2017
(c) Activity method (working hours) for 2017
(d) Sum-of-the-year's digit method for 2019
(e) Double-declining-balance method for 2018
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