Thomson's PP&E information and depreciation methods are summarized below. Fixed Asset and Depreciation Schedule Acquisition Cost Residual Date Value Assets Building Truck Equipment Machine 1/1/2020 2020 2021 2022 2023 2024 2025 1/1/2020 1/1/2020 30,000 5,000 20,000 2,000 10,000 2,000 1/1/2020 1,200 1,100 1,100 Depreciation Method 1,000 1,000 1,000 Double-declining Straight-line Sum-of-the years'-digits Unit-of-Production 10,000 1,000 Machine's estimated production over 6 years is 6,000 units. The following is the actual production: Year Production (units) Useful life 7 8 6 6 I What is the total amount of depreciation expense that Thomson should recognize at the end of 2020?
Thomson's PP&E information and depreciation methods are summarized below. Fixed Asset and Depreciation Schedule Acquisition Cost Residual Date Value Assets Building Truck Equipment Machine 1/1/2020 2020 2021 2022 2023 2024 2025 1/1/2020 1/1/2020 30,000 5,000 20,000 2,000 10,000 2,000 1/1/2020 1,200 1,100 1,100 Depreciation Method 1,000 1,000 1,000 Double-declining Straight-line Sum-of-the years'-digits Unit-of-Production 10,000 1,000 Machine's estimated production over 6 years is 6,000 units. The following is the actual production: Year Production (units) Useful life 7 8 6 6 I What is the total amount of depreciation expense that Thomson should recognize at the end of 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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F13.
Transcribed Image Text:Thomson's PP&E information and depreciation methods are summarized below.
Fixed Asset and Depreciation Schedule
Acquisition Cost Residual
Date
Value
Assets
Building
Truck
Equipment
1/1/2020
2020
2021
2022
2023
2024
2025
1/1/2020
1/1/2020
30,000 5,000
20,000 2,000
10,000 2,000
1/1/2020
10,000
1,200
1,100
1,100
1,000
1,000
1,000
Depreciation
Method
Machine
Machine's estimated production over 6 years is 6,000 units. The following is the actual production:
Year
Production (units)
1,000
Double-declining
Straight-line
Sum-of-the
years'-digits
Unit-of-Production
Useful
life
7
8
6
6
What is the total amount of depreciation expense that Thomson should recognize at the end of 2020?
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