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Inrecent years, Marigold Company has purchased three machines. Because of frequent employee turnover in the accounting departiment, 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 (in years) Depreciation Machine Acquired Cost Value Method Jan. 1, 2020 $99.400 $14.000 Straight-line 2 July 1, 2021 91.500 10.500 5 Declining-balance Nov. 1. 2021 62.500 8.500 Units-of-activity For the declining-balance method, Marigold Company unes the double-declining rate. For the units-of-activity method, total machine hours are expected to be 27,000. Actual hours of use in the first 3 years were 2021, 700, 2022, 4,200; and 2023, 6.200. For Bus 3, calculate depreciable cost per mile under units-ot-activity method. Depreciable cost per mile

Inrecent years, Marigold Company has purchased three machines. Because of frequent employee turnover in the accounting departiment, 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 (in years) Depreciation Machine Acquired Cost Value Method Jan. 1, 2020 $99.400 $14.000 Straight-line 2 July 1, 2021 91.500 10.500 5 Declining-balance Nov. 1. 2021 62.500 8.500 Units-of-activity For the declining-balance method, Marigold Company unes the double-declining rate. For the units-of-activity method, total machine hours are expected to be 27,000. Actual hours of use in the first 3 years were 2021, 700, 2022, 4,200; and 2023, 6.200. For Bus 3, calculate depreciable cost per mile under units-ot-activity method. Depreciable cost per mile

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Inrecent years, Marigold 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 Jan. 1, 2020 $ 9.400 $ 14,000 Straight-line 2 July 1. 2021 91.500 10.500 Declining-balance 3 Nov. 1. 2021 62.500 8,500 Units-of-activity For the declining-balance method, Marigold Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 27,000. Actual hours of use in the first 3 years were 2021, 700, 2022, 4,200; and 2023, 6,200. For Bus #3. calculate depreciable cost per mile under units-of-activity method. Depreciable costS per mile eTextbook and Media
Transcribed Image Text:Inrecent years, Marigold 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 Jan. 1, 2020 $ 9.400 $ 14,000 Straight-line 2 July 1. 2021 91.500 10.500 Declining-balance 3 Nov. 1. 2021 62.500 8,500 Units-of-activity For the declining-balance method, Marigold Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 27,000. Actual hours of use in the first 3 years were 2021, 700, 2022, 4,200; and 2023, 6,200. For Bus #3. calculate depreciable cost per mile under units-of-activity method. Depreciable costS per mile eTextbook and Media
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