In recent years, Crane Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Salvage Useful Life Depreciation Machine Acquired Cost Value (in years) Method 1 Jan. 1, 2015 $121,500 $11,500 10 Straight-line July 1, 2016 71,000 12,000 Declining-balance Nov. 1, 2016 68,100 8,100 6. Units-of-activity For the declining-balance method, Crane Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 30,000. Actual hours of use in the first 3 years were: 2016, 710; 2017, 5,900; and 2018, 7,300. Your Answer Correct Answer X Your answer is incorrect. Compute the amount of accumulated depreciation on each machine at December 31, 2018. MACHINE 3 MACHINE 2 MACHINE 1 24 13,632 Accumulated Depreciation 24 14,200 %24 22,720 at December 31

In recent years, Crane Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. Salvage Useful Life Depreciation Machine Acquired Cost Value (in years) Method 1 Jan. 1, 2015 $121,500 $11,500 10 Straight-line July 1, 2016 71,000 12,000 Declining-balance Nov. 1, 2016 68,100 8,100 6. Units-of-activity For the declining-balance method, Crane Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 30,000. Actual hours of use in the first 3 years were: 2016, 710; 2017, 5,900; and 2018, 7,300. Your Answer Correct Answer X Your answer is incorrect. Compute the amount of accumulated depreciation on each machine at December 31, 2018. MACHINE 3 MACHINE 2 MACHINE 1 24 13,632 Accumulated Depreciation 24 14,200 %24 22,720 at December 31

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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