The English Company purchased equipment on October 1, 2020. The cost of the equipment is $140,000,...

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The English Company purchased equipment on October 1, 2020. The cost of the equipment is $140,000, the residual value is $12,000 and the company uses the units of production method for deprecation. During its useful life, the equipment was expected to be used for 10,000 hours. Anticipated annual hourly use was as follows: 1,300 hours in 2020, 2,800 hours in 2021, 3,300 hours in 2022, 1,900 hours in 2023 and 700 hours in 2024. Place your answer in the box to the far right hand side of the question. Show calculations in the space provided below each question. 1 In words, what is (are) the component(s) of this asset's depreciable amount? 2 In numbers, what is the depreciable amount of the asset? 3 What is the deprecation per unit of production? 4 What is accumulated depreciation at December 31, 2021? 5 In words, what is the carrying value of the asset at December 31, 20242 6 In numbers, what is the carrying value of the asset at December 31, 20242 The English Company purchased equipment on October 1, 2020. The cost of the equipment is $140,000, the residual value is $12,000 and the company uses the units of production method for deprecation. During its useful life, the equipment was expected to be used for 10,000 hours. Anticipated annual hourly use was as follows: 1,300 hours in 2020, 2,800 hours in 2021, 3,300 hours in 2022, 1,900 hours in 2023 and 700 hours in 2024. Place your answer in the box to the far right hand side of the question. Show calculations in the space provided below each question. 1 In words, what is (are) the component(s) of this asset's depreciable amount? 2 In numbers, what is the depreciable amount of the asset? 3 What is the deprecation per unit of production? 4 What is accumulated depreciation at December 31, 2021? 5 In words, what is the carrying value of the asset at December 31, 20242 6 In numbers, what is the carrying value of the asset at December 31, 20242

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Cost of the asset 140000 Residual value S12000 3D Total expe... View the full answer