Assume Plain Ice Cream Company, Incorporated, in Ithaca, NY, bought a new ice cream production kit (pasteurizer/hom cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $22,000. The estimated useful life years, and the residual value was $2,000. Assume that the estimated productive life of the machine was 10,000 hours. A usage was 4,000 hours in Year 1; 3,000 hours in Year 2; 2,000 hours in Year 3; and 1,000 hours in Year 4. Required: 1. Complete a separate depreciation schedule for each of the alternative methods. a. Straight-line. b. Units-of-production. c. Double-declining-balance. Complete this question by entering your answers in the tabs below. Reg 1A Year Req 1B Complete a depreciation schedule using the straight-line method. Depreciation Accumulated Expense Depreciation Net Book Value At acquisition 1 2 3 4 Req 1C

Assume Plain Ice Cream Company, Incorporated, in Ithaca, NY, bought a new ice cream production kit (pasteurizer/hom cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $22,000. The estimated useful life years, and the residual value was $2,000. Assume that the estimated productive life of the machine was 10,000 hours. A usage was 4,000 hours in Year 1; 3,000 hours in Year 2; 2,000 hours in Year 3; and 1,000 hours in Year 4. Required: 1. Complete a separate depreciation schedule for each of the alternative methods. a. Straight-line. b. Units-of-production. c. Double-declining-balance. Complete this question by entering your answers in the tabs below. Reg 1A Year Req 1B Complete a depreciation schedule using the straight-line method. Depreciation Accumulated Expense Depreciation Net Book Value At acquisition 1 2 3 4 Req 1C

Name: Assume Plain Ice Cream Company, Incorporated, in Ithaca, NY, bought a
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Description: Assume Plain Ice Cream Company, Incorporated, in Ithaca, NY, bought a new ice cream production kit (pasteurizer/homogenizer,cooler, aging vat, freezer, and filling machine) at the beginning of the year at a cost of $22,000. The estimated useful life

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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