On April 22, 2023, Cullumber Enterprises purchased equipment for $130,300. The company expects to use the equipment for 11,500 working hours during its four-year life and that it will have a residual value of $13,000. Cullumber has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1,500 hours in 2023; 2,500 hours in 2024; 4,000 hoursin 2025; 2,600 hours in 2026; and 1,100 hours in 2027.(a1)Prepare a depreciation schedule for the life of the asset under the straight-line method. (Round partial-period depreciation rate to 4 decimal palces, e.g. 15.2563% and other answers to O decimal places, e.g. 5,276.)Year2023202420252026Your answer is partially correct.2027$DepreciableAmount117300117300117300117300117300Depr.x Rate11.53 %19.22 %30.7620%8.46 %$Depr.Expense1503025050400802605211022$Accum. Depr.End of Year150304008080160106212117234$CarryingAmount11527090220501402408813066 in 2025; 2, 600 hours in 2026; and 1, 100 hours in 2027. (a1) Your answer is partially correct.Prepare a depreciation schedule for the life of the asset under the straight-line method. (Round partial - period depreciation rate to 4 decimal palces, e.g. 15.2563% and other answersto 0 decimal places, e. g. 5,276.)

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Description: On April 22, 2023, Cullumber Enterprises purchased equipment for $130,300. The company expects to use the equipment for 11,500 working hours during its four-year life and that it will have a residual value of $13,000. Cullumber has a December 31 yea

Answer:- Depreciation meaning:- A tangible or physical asset's cost can be dispersed over its useful…

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On April 22, 2023, Cullumber Enterprises purchased equipment for $130,300. The company expects to use the equipment for 11.500 working hours during its four-year life and that it will have a residual value of $13,000. Cullumber has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1.500 hours in 2023, 2,500 hours in 2024; 4,000 hours in 2025:2.600 hours in 2026 and 1.100 hours in 2027 (a1) Prepare a depreciation schedule for the life of the asset under the straight-line method. (Round partial-period depreciation rate to 4 decimal palces, eg. 15.2563% and other answers to O decimal places, eg 5,276) End of Year Year 2023 2025 2026 Your answer is partially correct 2027 $ I Depreciable Amount 117300 117300 117300 117300 117300 Depr x Rate 11.50 % 19.22% 30.76 % 20 % . $ Expense 25050 40000 26052 13022 $ Accum Depr 40000 00160 117234 $ Carrying Amount 90220 30140 24088 13066

On April 22, 2023, Cullumber Enterprises purchased equipment for $130,300. The company expects to use the equipment for 11.500 working hours during its four-year life and that it will have a residual value of $13,000. Cullumber has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1.500 hours in 2023, 2,500 hours in 2024; 4,000 hours in 2025:2.600 hours in 2026 and 1.100 hours in 2027 (a1) Prepare a depreciation schedule for the life of the asset under the straight-line method. (Round partial-period depreciation rate to 4 decimal palces, eg. 15.2563% and other answers to O decimal places, eg 5,276) End of Year Year 2023 2025 2026 Your answer is partially correct 2027 $ I Depreciable Amount 117300 117300 117300 117300 117300 Depr x Rate 11.50 % 19.22% 30.76 % 20 % . $ Expense 25050 40000 26052 13022 $ Accum Depr 40000 00160 117234 $ Carrying Amount 90220 30140 24088 13066

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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