P3. Zeigler Manufacturing Company purchased a robot for $720,000 at the beginning of year 1. The robot has an estimated useful life of four years and an estimated residual value of $60,000. The robot, which should last 20,000 hours, was operated 6,000 hours in year 1; 8,000 hours in year 2; 4,000 hours in year 3; and 2,000 hours in year 4. REQUIRED 1. Compute the annual depreciation and carrying value for the robot for each year assuming the following depreciation methods: (a) straight-line, (b) production, and (c) double-declining-balance. 2. If the robot is sold for $750,000 after year 2, what would be the amount of gain or loss under each method?

P3. Zeigler Manufacturing Company purchased a robot for $720,000 at the beginning of year 1. The robot has an estimated useful life of four years and an estimated residual value of $60,000. The robot, which should last 20,000 hours, was operated 6,000 hours in year 1; 8,000 hours in year 2; 4,000 hours in year 3; and 2,000 hours in year 4. REQUIRED 1. Compute the annual depreciation and carrying value for the robot for each year assuming the following depreciation methods: (a) straight-line, (b) production, and (c) double-declining-balance. 2. If the robot is sold for $750,000 after year 2, what would be the amount of gain or loss under each method?

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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