What is the machine's carrying amount on the October 31, 2020 statement of financial position under the first four methods above? (Round answers to O decimal places, e.g. 5,275.)MethodStraight-lineActivity method: outputActivity method: inputDeclining balance$$$$CarryingAmountCalculate the asset's tax value on October 31, 2020, assuming a CCA Class 8, with a rate of 20%. (Round answer to O decimal places, e.g. 5,275.)The asset's tax value on October 31, 2020$ On June 15, 2017, a second-hand machine was purchased for $187,000. Before being put into service, the equipment was overhauled at a cost of $9,800, and additional costs of $400 for direct materialand $800 for direct labour were paid in fine-tuning the controls. The machine has an estimated residual value of $6,000 at the end of its five-year useful life. The machine is expected to operate for100,000 hours before it will be replaced and is expected to produce 1.20 million units in this time. Operating data for the next six fiscal years are provided below. The company has an October 31 fiscal yearend.Year201720182019202020212022Hours of Operation10,00020,00020,00020,00018,00012,000Units Produced110,000270,000264,000310,000134,000112,000Calculate the depreciation charges for each fiscal year under each of the following depreciation methods. (Round unit-of-output per unit to 4 decimal places, e.g. 15.2345 and Round other answers to Odecimal places, e.g. 5,275.)1. Straight-line method. Pro-rate June 2017 and 2022 to half a month.2. Activity method: based on output3. Activity method: based on input4. Double-declining-balance method. Pro-rate June 2017 to half a month.5. CCA, Class 8, 20%

Deprecaition Expenses Formula to Calculate Straight line method = Cost of Assets - Residual Value /…

019 20 021 022 20,000 20,000 18,000 12,000 264,000 310,000 134,000 112,000 Calculate the depreciation charges for each fiscal year under each of the following depreciation methods. (Round unit-of-output per unit to 4 decimal places, e.g. 15.2345 and Round other answers to O ecimal places, e.g. 5,275.)

019 20 021 022 20,000 20,000 18,000 12,000 264,000 310,000 134,000 112,000 Calculate the depreciation charges for each fiscal year under each of the following depreciation methods. (Round unit-of-output per unit to 4 decimal places, e.g. 15.2345 and Round other answers to O ecimal places, e.g. 5,275.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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