Problem 11-02The cost of equipment purchased by Skysong, Inc., on June 1, 2020, is $107,100. It is estimated that the machine will have a $6,300 salvage value at the end of its service life. Its service life is estimated at 7 years, its total working hours are estimated at 50,400, and its total production is estimated at 630,000 units. During 2020, the machine was operated 6,420o hours andproduced 58,850 units. During 2021, the machine was operated 5,885 hours and produced 51,300 units.Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021, using the following methods. (Round depreciation per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 45,892.)20202021(a) Straight-line(b) Units-of-output(c) Working hours$1(d) Sum-of-the-years'-digits(e) Double-declining-balance (twice the straight-line rate)Click if you would like to Show Work for this question: Open Show Work

Depreciation is the allocation of cost of asset over time due following reason: Use, Wear and tear…

Problem 11-02 The cost of equipment purchased by Skysong, Inc., on June 1, 2020, is $107,100. It is estimated that the machine will have a s6,300 salvage value at the end of its service ife. Its service life is estimated at 7 years, its total working hours are estimated at 50,400, and its total production is estimated at 630,000 units. During 2020, the machine was operated 6,420 hours and produced 58,850 units. During 2021, the machine was operated 5,885 hours and produced 51,300 units. Compute deprediation expense on the machine for the year ending December 31, 2020, and the vear ending December 31, 2021, using the folowing methods. (Round depreciation per unit to 2 decimal places, e.g. 15.25 and final answers to o decimal places, e.g. 45,892.) 2020 2021 (a) Straight-ine (b) Units-of-output (c) Working hours (4) Sum of-the-years'-digits (e) Double declining-balance (twice the straight-ine rate)l Click if you would like to Show Work for this question: geen Show Work

Problem 11-02 The cost of equipment purchased by Skysong, Inc., on June 1, 2020, is $107,100. It is estimated that the machine will have a s6,300 salvage value at the end of its service ife. Its service life is estimated at 7 years, its total working hours are estimated at 50,400, and its total production is estimated at 630,000 units. During 2020, the machine was operated 6,420 hours and produced 58,850 units. During 2021, the machine was operated 5,885 hours and produced 51,300 units. Compute deprediation expense on the machine for the year ending December 31, 2020, and the vear ending December 31, 2021, using the folowing methods. (Round depreciation per unit to 2 decimal places, e.g. 15.25 and final answers to o decimal places, e.g. 45,892.) 2020 2021 (a) Straight-ine (b) Units-of-output (c) Working hours (4) Sum of-the-years'-digits (e) Double declining-balance (twice the straight-ine rate)l Click if you would like to Show Work for this question: geen Show Work

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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