har.5 In recent years, kingbird Company has purchased three machines. Because of frequent employee turnover in the accountingdepartment, a different accountant was in charge of selecting the depreciation method for each machine, and various methods havebeen used. Information concerning the machines is summarized in the table below.Machine123AcquiredJan. 1, 20201July 1, 2021Nov. 1, 2021(a1)SalvageValueCost$ 95,000 $ 15,00087,00011,5009,000141,000Depreciable costUseful Life"(in years)856For the declining-balance method, Kingbird Company uses the double-declining rate. For the units-of-activity method, total machinehours are expected to be 44,000. Actual hours of use irfthe first 3 years were 2021, 600; 2022, 4,800; and 2023, 7,900.DepreciationMethodStraight-lineDeclining-balanceUnits-of-activityFor Bus #3, calculate depreciable cost per mile under units-of-activity method.per mile

Name: har.5 In recent years, kingbird Company has purchased three machines.
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Description: har.5 In recent years, kingbird Company has purchased three machines. Because of frequent employee turnover in the accountingdepartment, a different accountant was in charge of selecting the depreciation method for each machine, and various methods h

Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…

Business

Accounting

In recent years, Kingbird 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 2 3 Acquired Jan. 1,2020 July 1, 2021 Nov. 1, 2021 (a1) Cost $ 95,000 87,000 Depreciable cost 141,000 $ Salvage Value $ 15,000 11,500 9,000 Useful Life - (in years) 8 5 6 For the declining-balance method, Kingbird Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 44,000. Actual hours of use irfthe first 3 years were 2021, 600: 2022,4,800; and 2023,7,900. Depreciation Method For Bus #3, calculate depreciable cost per mile under units-of-activity method. Straight-line Declining-balance Units-of-activity per mile

In recent years, Kingbird 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 2 3 Acquired Jan. 1,2020 July 1, 2021 Nov. 1, 2021 (a1) Cost $ 95,000 87,000 Depreciable cost 141,000 $ Salvage Value $ 15,000 11,500 9,000 Useful Life - (in years) 8 5 6 For the declining-balance method, Kingbird Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 44,000. Actual hours of use irfthe first 3 years were 2021, 600: 2022,4,800; and 2023,7,900. Depreciation Method For Bus #3, calculate depreciable cost per mile under units-of-activity method. Straight-line Declining-balance Units-of-activity per mile

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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