Crane Machines reported the following information about two of its machines as of December 31, 2023....

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Crane Machines reported the following information about two of its machines as of December 31, 2023. Salvage Machine Date Acquired Cost Useful Life (in years) Value #1 Jan. 1, 2014 $1,008,000 20 $50,400 #2 July 1, 2023 151,200 5 6,300 (a) Your answer is correct. Calculate the annual depreciation for each asset using the straight-line method. (b) Annual depreciation $ eTextbook and Media List of Accounts Machine 1 47,880 Machine 2 28,980 Your answer is incorrect. Calculate the accumulated depreciation and book value of each asset on December 31, 2024. Accumulated depreciation $ Book value eTextbook and Media List of Accounts Save for Later $ Machine 1 Machine 2 Attempts: 1 of 6 used Attempts: 1 of 6 used Submit Answer Crane Machines reported the following information about two of its machines as of December 31, 2023. Salvage Machine Date Acquired Cost Useful Life (in years) Value #1 Jan. 1, 2014 $1,008,000 20 $50,400 #2 July 1, 2023 151,200 5 6,300 (a) Your answer is correct. Calculate the annual depreciation for each asset using the straight-line method. (b) Annual depreciation $ eTextbook and Media List of Accounts Machine 1 47,880 Machine 2 28,980 Your answer is incorrect. Calculate the accumulated depreciation and book value of each asset on December 31, 2024. Accumulated depreciation $ Book value eTextbook and Media List of Accounts Save for Later $ Machine 1 Machine 2 Attempts: 1 of 6 used Attempts: 1 of 6 used Submit Answer

Answer rating: 100% (QA)

Crane Machines Depreciation Schedule a Machine 1 Cost 1008000 Salvage Value 50400 Useful Life 5 years StraightLine Depreciation Cost Salvage Value Use... View the full answer