Sheridan Company purchased a new machine on October 1, 2022, at a cost of $104,100. The company estimated that the machine has a salvage value of $7,140. The machine is expected to be used for 96,000 working hours during its 10-year life.

Compute depreciation using the following methods in the year indicated.

Declining-balance using double the straight-line rate for 2022 and 2023.

		2022		2023
Depreciation using the Declining-balance method		$enter a dollar amount		$enter a dollar amount

Calculate the depreciation cost per hour. (Round answer to 2 decimal places, e.g. $1.25)

Depreciation cost per hour

$enter the depreciation cost per hour in dollars rounded to 2 decimal places

Units-of-activity for 2022, assuming machine usage was 500 hours. (Round answer to 0 decimal places, e.g. 5,275.)

Depreciation using the Units-of-activity method for 2022

$enter the units-of-activity depreciation cost for 2022 in dollars

Answer rating: 100% (QA)

Double declining balance method rate Straight line deprec... View the full answer