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by Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NC at the beginning of the year at a cost of $22,000. The estimated useful life was five years 0. Assume that the estimated productive life of the machine is 10,000 hours. Expected an 20 hours; year 2, 2,350 hours; year 3, 2,150 hours; year 4, 2,100 hours; and year 5, 1,000 he 1

by Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NC at the beginning of the year at a cost of $22,000. The estimated useful life was five years 0. Assume that the estimated productive life of the machine is 10,000 hours. Expected an 20 hours; year 2, 2,350 hours; year 3, 2,150 hours; year 4, 2,100 hours; and year 5, 1,000 he 1

FINANCIAL ACCOUNTING
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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Required information CC9-1 (Algo) Accounting for the Use and Disposal of Long-Lived Assets [LO 9-3, LO 9-5) [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $22,000. The estimated useful life was five years and the residual value was $1,000. Assume that the estimated productive life of the machine is 10,000 hours. Expected annual production was year 1, 2,400 hours; year 2, 2,350 hours; year 3, 2,150 hours; year 4, 2,100 hours; and year 5, 1,000 hours. CC9-1 (Algo) Part 1 Required: 1. Complete a 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. Req 1A Req 1C Complete a depreciation schedule for straight-line method. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Year At Acquisition Year 1 Req 18 Depreciation Expense pa Accumulated Depreciation Book Value
Transcribed Image Text:Required information CC9-1 (Algo) Accounting for the Use and Disposal of Long-Lived Assets [LO 9-3, LO 9-5) [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $22,000. The estimated useful life was five years and the residual value was $1,000. Assume that the estimated productive life of the machine is 10,000 hours. Expected annual production was year 1, 2,400 hours; year 2, 2,350 hours; year 3, 2,150 hours; year 4, 2,100 hours; and year 5, 1,000 hours. CC9-1 (Algo) Part 1 Required: 1. Complete a 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. Req 1A Req 1C Complete a depreciation schedule for straight-line method. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Year At Acquisition Year 1 Req 18 Depreciation Expense pa Accumulated Depreciation Book Value
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