On April 22, 2023, Ivanhoe Enterprises purchased equipment for $134,400. 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 $12,500. Ivanhoe has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1, 700 hours in 2023; 2, 600 hours in 2024; 3,500 hours in 2025; 3,000 hours in 2026; and 900 hours in 2027. Prepare a depreciation schedule for the life of the asset under the double diminishing - balance method. (Round partial - period depreciation rate to 4 decimal palces, e.g. 15.2563% and other answers to 0 decimal places, e.g. 5, 276.)

On April 22, 2023, Ivanhoe Enterprises purchased equipment for $134,400. 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 $12,500. Ivanhoe has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1, 700 hours in 2023; 2, 600 hours in 2024; 3,500 hours in 2025; 3,000 hours in 2026; and 900 hours in 2027. Prepare a depreciation schedule for the life of the asset under the double diminishing - balance method. (Round partial - period depreciation rate to 4 decimal palces, e.g. 15.2563% and other answers to 0 decimal places, e.g. 5, 276.)

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Description: On April 22, 2023, Ivanhoe Enterprises purchased equipment for $134,400. The company expects to use the equipmentfor 11,500 working hours during its four-year life and that it will have a residual value of $12,500. Ivanhoe has aDecember 31 year end

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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