Maurice Tutor

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Category > Accounting Posted 19 Aug 2017 My Price 11.00

Farr Company

In recent years, Farr Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below.

Machine   Acquired   Cost   Salvage
Value		   Useful Life
(in years)		   Depreciation
Method
1   Jan. 1, 2012   $124,000   $26,800   9   Straight-line
2   July 1, 2013   98,000   10,600   5   Declining-balance
3   Nov. 1, 2013   92,990   6,590   7   Units-of-activity


For the declining-balance method, Farr Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 32,000. Actual hours of use in the first 3 years were: 2013, 810; 2014, 4,510; and 2015, 6,280.

 

 

Compute the amount of accumulated depreciation on each machine at December 31, 2015.

 

 

If machine 2 was purchased on April 1 instead of July 1, what would be the depreciation expense for this machine in 2013? In 2014?

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 06:08 PM My Price 11.00

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