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Q1) Capital Company purchased 3 machines in past year. Information regarding these items is given below:

Machine Acquired Cost Salvage Value Useful life Depreciation Method
1 Jan 1, 2006 $120,000 $20,000 5 years Straight-line
2 Jan 1, 2006 80,000 10,000 5 years Double-declining
3 Sept 1, 2006 530,000 5,000 4 years Units of production

Extra information: Total machine hours expected for machine 3 will be 12,000 hours. Actual machine hours used in first three years were: 200 hours in 2006, 2,250 hours in 2007, and 2,500 hours in 2008

problem:

find out accumulated depreciation for each machine at December 31, 2008.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919993

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