Exercise 9-19 (Part Level Submission) Hinshaw Company purchased a new machine on

Question

Exercise 9-19 (Part Level Submission) Hinshaw Company purchased a new machine on October 1, 2014, at a cost of $94,020. The company estimated that the machine has a salvage value of $7,350 The machine is expected to be used for 63,950 working hours during its 8-year life. Compute depreciation using the following methods in the year indicated. (a) 3 Your answer is incorrect. Try again. Declining-balance using double the straight-line rate for 2014 and 2015. (Round answers to 0 decimal places, e.g. 125) 201 201 Depreciation using the Declining-balance method

Explanation / Answer

2014 2015 Depreciation Using Declining Balance 5876.25 22035.94 Double Straight Line Rate=(1/8)*2 25% 01/10/2014 94020 Depreciation @25% for 3 Months(Oct-Dec) 5876.25 88143.75 Depreciation @ 25% for 2015 22035.94 66107.81

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