On April 22, 2023, Ivanhoe Enterprises purchased equipment for $133,500. The company expects to use the...
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On April 22, 2023, Ivanhoe Enterprises purchased equipment for $133,500. The company expects to use the equipment for 12,000 working hours during its four-year life and that it will have a residual value of $13,500. Ivanhoe has a December 31 year end and pro- rates depreciation to the nearest month. The actual machine usage was: 1,900 hours in 2023; 2,500 hours in 2024; 3,800 hours in 2025; 2,800 hours in 2026; and 1,200 hours in 2027. (a1) Prepare a depreciation schedule for the life of the asset under the straight-line method. (Round partial-period depreciation rate to 4 decimal palces, e.g. 15.2563% and other answers to O decimal places, e.g. 5,276.) Year 2023 2024 2025 2026 Your answer is partially correct. 2027 $ Depreciable Amount 121500 121500 121500 121500 Depr. X Rate 0 25 25 % % 25 % % $ Depr. Expense 0 30000 30000 30000 Accum 00 On April 22, 2023, Ivanhoe Enterprises purchased equipment for $133,500. The company expects to use the equipment for 12,000 working hours during its four-year life and that it will have a residual value of $13,500. Ivanhoe has a December 31 year end and pro- rates depreciation to the nearest month. The actual machine usage was: 1,900 hours in 2023; 2,500 hours in 2024; 3,800 hours in 2025; 2,800 hours in 2026; and 1,200 hours in 2027. (a1) Prepare a depreciation schedule for the life of the asset under the straight-line method. (Round partial-period depreciation rate to 4 decimal palces, e.g. 15.2563% and other answers to O decimal places, e.g. 5,276.) Year 2023 2024 2025 2026 Your answer is partially correct. 2027 $ Depreciable Amount 121500 121500 121500 121500 Depr. X Rate 0 25 25 % % 25 % % $ Depr. Expense 0 30000 30000 30000 Accum 00
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Year 2023 2024 2025 2026 2027 Depreciable Amount 12... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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