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A diesel-powered generator with a cost of $345,000 and estimated residual value of $18,000 is expected to have a useful operating life of 75,000 hours. During July, the generator was operated 1,250 hours. Determine the depreciation for the month using the units-of-production method.
Prior to adjustment at the end of the year, the balance in Trucks is $182,600 and the balance in Accumulated Depreciation-Trucks is $74,950. Details of the subsidiary ledger are as follows:
Truck
Estimated Residual
Estimated Useful
Accumulated Depreciation at
Miles Operated
No.
Cost
Value
Life
Beginning of Year
During Year
1
$68,000
$8,000
300,000 miles
$27,000
40,000 miles
2
48,600
6,600
200,000
39,900
12,000
3
38,000
3,000
8,050
36,000
4
28,000
4,000
120,000
-
21,000
a. Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the miles operated during the current year.
b. Journalize the entry to record depreciation for the year.
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