The cost of equipment purchased by Charleston, Inc., on June 1, 2014, is $105,91

Question

The cost of equipment purchased by Charleston, Inc., on June 1, 2014, is $105,910. It is estimated that the machine will have a $5,950 salvage value at the end of its service life. Its service life is estimated at 7 years, its total working hours are estimated at 49,980, and its total production is estimated at 624,750 units. During 2014, the machine was operated 7,140 hours and produced 65,450 units. During 2015, the machine was operated 6,545 hours and produced 57,120 units. Compute depreciation expense on the machine for the year ending December 31, 2014, and the year ending December 31, 2015, using the following methods. (Round answers to 0 decimal places, e.g. 45,892.)

Explanation / Answer

The cost of equipment purchased by Charleston, Inc., on June 1, 2014, is $105,91

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