Business, 25.04.2020 03:43 Jasten

At the beginning of the year, Young Company bought three used machines from Vince, Inc. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Machine A Machine B Machine C Amount paid for asset $ 8,250 $ 26,900 $ 10,600 Installation costs 250 650 550 Renovation costs prior to use 2,800 1,350 1,750 Repairs after production began 530 480 650 By the end of the first year, each machine had been operating 9,000 hours. Required: Compute the cost of each machine. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: TIP: Remember that the formula for double-declining-balance uses cost minus accumulated depreciation (not residual value). Estimates Machine Life Residual Value Depreciation Method A 5 years $ 200 Straight-line B 50,000 hours 1,000 Units-of-production C 6 years 2,400 Double-declining-balance

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At the beginning of the year, Young Company bought three used machines from Vince, Inc. The machines...

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