Find amount of accumulated depreciation on each machine

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Amount of accumulated depreciation on each machine

In recent years, Sheridan Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. 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

$126,000

$38,000

8

Straight-line

2

July 1, 2016

95,000

10,100

5

Declining-balance

3

Nov. 1, 2016

78,600

7,600

7

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 35,500. Actual hours of use in the first 3 years were: 2016, 800; 2017, 4,200; and 2018, 5,500.

Reference no: EM131450801

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