On April 22, 2020, Oriole Enterprises purchased equipment for $ 134,000. The company expects to use...

    

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On April 22, 2020, Oriole Enterprises purchased equipment for $ 134,000. The company expects to use the equipment for 11,000 working hours during its 4-year life and that it will have a residual value of $ 13,000. Oriole has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1,700 hours in 2020; 2,600 hours in 2021; 3,500 hours in 2022; 2,700 hours in 2023; and 700 hours in 2024. Calculate depreciation expense for the life of the asset under straight-line method. (Round answers to O decimal places, e.g. 5,276.) 2020 $ 2021 $ 2022 $ 2023 $ 2024 $ Depreciation Expense Calculate depreciation expense for the life of the asset under double diminishing-balance method. (Round answers to 0 decimal places, e.g. 5,276.) 2020 $ 2021 $ 2022 tA 69 $ 2023 $ LA Depreciation Expense Calculate a depreciation expense for the life of the asset under units-of-production method. (Round unit rate to 2 decimal places, e.g. 2.25 and final answers to O decimal places, e.g. 5,276.) 2020 $ 2021 $ LA 2023 2022 $ $ LA 2024 $ Depreciation Expense Which method results in the lowest profit over the life of the asset? e Textbook and Media Which method results in the least cash used for depreciation over the life of the asset? eTextbook and Media On April 22, 2020, Oriole Enterprises purchased equipment for $ 134,000. The company expects to use the equipment for 11,000 working hours during its 4-year life and that it will have a residual value of $ 13,000. Oriole has a December 31 year end and pro-rates depreciation to the nearest month. The actual machine usage was: 1,700 hours in 2020; 2,600 hours in 2021; 3,500 hours in 2022; 2,700 hours in 2023; and 700 hours in 2024. Calculate depreciation expense for the life of the asset under straight-line method. (Round answers to O decimal places, e.g. 5,276.) 2020 $ 2021 $ 2022 $ 2023 $ 2024 $ Depreciation Expense Calculate depreciation expense for the life of the asset under double diminishing-balance method. (Round answers to 0 decimal places, e.g. 5,276.) 2020 $ 2021 $ 2022 tA 69 $ 2023 $ LA Depreciation Expense Calculate a depreciation expense for the life of the asset under units-of-production method. (Round unit rate to 2 decimal places, e.g. 2.25 and final answers to O decimal places, e.g. 5,276.) 2020 $ 2021 $ LA 2023 2022 $ $ LA 2024 $ Depreciation Expense Which method results in the lowest profit over the life of the asset? e Textbook and Media Which method results in the least cash used for depreciation over the life of the asset? eTextbook and Media

Answer rating: 100% (QA)

Straight Line method Date 20208 months 2021 2022 2023 20244 months Double Declining balance Date 202... View the full answer