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Intro, to Financial Final Review DEPRECIATION Wingate Int'l. bought machinery on 6/1/02 for $100,000. It...

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Intro, to Financial Final Review DEPRECIATION Wingate Int'l. bought machinery on 6/1/02 for $100,000. It is estimated that the machinery will have a savage value of $10,000 at the end of its 20-year useful life. It's also estimated that the machinery will produce 100,000 units over its 20-year life. 1. If Wingate Intl. choses to use the straight-line method of depreciation, what would the journal entry be at the end 2002? 2003? 2. If 4,000 units of product are produced in 2002 and 25,000 units are produced in 2003, what would the journal entry be in 2002? 2003? What is the book value of the machinery in 2003, using: Straight-Line? Units of Activity? What is DDB and how do you figure out the rate? PLANT ASSETS Kimera Company sold a machine for $8,500, including a $4,000 loss. It's cost was $50,000. Prepare the entry to record the sale of the machine for Kimera Company

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