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Foster Corporation purchased a new machine for its assembly process on August 1, 2014. The cost of this machine was $235,800. The company estimated that the machine would have a trade-in value of $25,800 at the end of its service life. Its life is estimated at 10 years, and its working hours are estimated at 42,000 hours. Year-end is December 31.
Instructions
Compute the depreciation expense under the following methods. Each of the following should be considered unrelated.
(a) Straight-line depreciation for 2014.
(b) Activity method for 2014, assuming that machine usage was 800 hours.
(c) Sum-of-the-years'-digits for 2015.
(d) Double-declining balance for 2015.
The cost of material that is not completely processed, would be found in which of the following inventory account on the Balance Sheet?
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Harriet and Harry Combs (both 37 years old) are married and both want to contribute to a Roth IRA. In 2012, their AGI is $50,000. Harriet earned $46,000 and Harry earned $4,000. (Leave no cells blank - be certain to enter "0" wherever required. Om..
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