In recent years, Jayme 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. Machine 1 Acquired Jan. 1, 2015 Cost Salvage Value Useful Life (in years) Depreciation Method $96,000 $12,000 8 2 July 1, 2016 3 Nov. 1, 2016 85,000 66,000 10,000 6,000 5 6 Straight-line Declining-balance Units-of-activity For the declining-balance method, Jayme 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, 800; 2017, 4,500; and 2018, 6,000. Compute the amount of accumulated depreciation on each machine at December 31, 2018. Accumulated Depreciation at December 31 MACHINE 1 MACHINE 2 MACHINE 3 If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2016? In 2017? Depreciation Expense 2016 2017

In recent years, Jayme 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. Machine 1 Acquired Jan. 1, 2015 Cost Salvage Value Useful Life (in years) Depreciation Method $96,000 $12,000 8 2 July 1, 2016 3 Nov. 1, 2016 85,000 66,000 10,000 6,000 5 6 Straight-line Declining-balance Units-of-activity For the declining-balance method, Jayme 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, 800; 2017, 4,500; and 2018, 6,000. Compute the amount of accumulated depreciation on each machine at December 31, 2018. Accumulated Depreciation at December 31 MACHINE 1 MACHINE 2 MACHINE 3 If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2016? In 2017? Depreciation Expense 2016 2017

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section19.2: Calculating Depreciation Expense

Problem 1OYO

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