Current Attempt in Progress The cost of equipment purchased by Concord, Inc., on April 1, 2020, is $127,000, It is estimated that the machine will have a $7,000 salvage value at the end of its service life. Its service life is estimated at 6 years; its total working hours are estimated at 40,000; and its total production is estimated at 480,000 units. During 2020, the machine was operated 3,500 hours and produced 48,000 units. During 2021, the machine was operated 5,600 hours and produced 55,000 units. Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021, (Pound denreciation per unit ta 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 45,892.)
Current Attempt in Progress The cost of equipment purchased by Concord, Inc., on April 1, 2020, is $127,000, It is estimated that the machine will have a $7,000 salvage value at the end of its service life. Its service life is estimated at 6 years; its total working hours are estimated at 40,000; and its total production is estimated at 480,000 units. During 2020, the machine was operated 3,500 hours and produced 48,000 units. During 2021, the machine was operated 5,600 hours and produced 55,000 units. Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021, (Pound denreciation per unit ta 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 45,892.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1. Sum-of-the-years for 2020 and 2021:
2. Double-declining-balance (twice the straight-line rate) for 2020 and 2021:
![Current Attempt in Progress
The cost of equipment purchased by Concord, Inc., on April 1, 2020, is $127,000. It is estimated that the machine will have a
$7,000 salvage value at the end of its service life. Its service life is estimated at 6 years; its total working hours are estimated
at 40,000; and its total production is estimated at 480,000 units. During 2020, the machine was operated 3,500 hours and
produced 48,000 units. During 2021, the machine was operated 5,600 hours and produced 55,000 units.
Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021,
using the following methods. (Round depreciation per unit to 2 decimal piaces, e.g. 15.25 and final answers to O decimal places, eg. 45,892.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb7b9bc12-9bec-475d-bc99-e13d2a9b76e2%2F53004548-df27-44d4-a509-8043705443a4%2F8ms94q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Current Attempt in Progress
The cost of equipment purchased by Concord, Inc., on April 1, 2020, is $127,000. It is estimated that the machine will have a
$7,000 salvage value at the end of its service life. Its service life is estimated at 6 years; its total working hours are estimated
at 40,000; and its total production is estimated at 480,000 units. During 2020, the machine was operated 3,500 hours and
produced 48,000 units. During 2021, the machine was operated 5,600 hours and produced 55,000 units.
Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021,
using the following methods. (Round depreciation per unit to 2 decimal piaces, e.g. 15.25 and final answers to O decimal places, eg. 45,892.)
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