In recent years, Crane Corporation has purchased three machines. Because of frequent employee turnover in...
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Accounting
In recent years, Crane Corporation has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below. For the diminishing-balance method, Crane Corporation uses double the straight-line rate. For the units-of-production method, total machine hours are expected to be 22,750. Actual hours of use in the first 3 years were: 2019,420;2020,4,270; and 2021, 5,500. (a) Prepare separate depreciation schedules for each machine. Prepare the schedule for all years, information permitting. (Round depreciation per unit to 2 decimal places, e.g. 5.20 and answers to the nearest whole dollar, e.g. 5,275. Do not leave any answer field blank. Enter 0 for amounts.) Machine 1: Straight-line depreciation Machine 2: Diminishing-balance depreciation Machine 3: Units-of-production depreciation
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