23 Jul Amount Of Accumulated Depreciation On Each Machine
In recent years, Sheridan 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, 2015 | $126,000 | $38,000 | 8 | Straight-line | |||||
| 2 | July 1, 2016 | 95,000 | 10,100 | 5 | Declining-balance | |||||
| 3 | Nov. 1, 2016 | 78,600 | 7,600 | 7 | Units-of-activity |
For the declining-balance method, Sheridan Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 35,500. Actual hours of use in the first 3 years were: 2016, 800; 2017, 4,200; and 2018, 5,500.
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