In recent years, Pina Colada 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, 2020 $ 100,100 $ 12,500 8. Straight-line July 1, 2021 92,000 10,000 5 Declining-balance 3 Nov. 1, 2021 123,000 9,000 Units-of-activity For the declining-balance method, Pina Colada Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 38,000. Actual hours of use in the first 3 years were 2021, 600; 2022, 4,200; and 2023, 7,300.

In recent years, Pina Colada 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, 2020 $ 100,100 $ 12,500 8. Straight-line July 1, 2021 92,000 10,000 5 Declining-balance 3 Nov. 1, 2021 123,000 9,000 Units-of-activity For the declining-balance method, Pina Colada Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 38,000. Actual hours of use in the first 3 years were 2021, 600; 2022, 4,200; and 2023, 7,300.

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Description: In recent years, Pina Colada 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 ha

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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