Attempt in ProgressBlossom Limited purchased a machine on account on April 1, 2021, at an invoice price of $365,470. On April 2, it paid $2,170 fordelivery of the machine. A one-year, $4,120 insurance policy on the machine was purchased on April 5. On April 19, Blossom paid$7,580 for installation and testing of the machine. The machine was ready for use on April 30.Blossom estimates the machine's useful life will be five years or 6,118 units with a residual value of $87,910. Assume the machineproduces the following numbers of units each year: 893 units in 2021; 1,448 units in 2022; 1,426 units in 2023; 1,222 units in 2024;and 1,129 units in 2025. Blossom has a December 31 year end.(a)Your Answer Correct Answer✔Your answer is correct.Determine the cost of the machine.Q (2) Double-diminishing-balance methodYearOpening Carrying Amount$202120222023202420252026(3) Units-of-production methodYear2021Units-of-production$$Depreciation ExpenseDepreciation ExpenseLADMAccumulated Depreciation$Accumulated Depreciation$Carrying AmcCarrying An

Name: Attempt in ProgressBlossom Limited purchased a machine on account on
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Description: Attempt in ProgressBlossom Limited purchased a machine on account on April 1, 2021, at an invoice price of $365,470. On April 2, it paid $2,170 fordelivery of the machine. A one-year, $4,120 insurance policy on the machine was purchased on April 5.

Depreciation expenses: The depreciation method is the method that helps the company to allocate how…

Answered: (2) Double-diminishing-balance method…

Business

Accounting

(2) Double-diminishing-balance method Year Opening Carrying Amount $ 2021 2022 2023 2024 2025 2026 $ Depreciation Expense Accumulated Depreciation $ $ Carrying An

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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