Khan Manufacturing bought a machine at the beginning of the year at a cost of...
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Accounting
Khan Manufacturing bought a machine at the beginning of the year at a cost of $36,000. The estimated useful life was five years and the residual value was $2,000. Assume the estimated productive life of the machine is 17,000 units. Expected annual production was year 1, 3,400 units; year 2, 4,400 units; year 3, 3,400 units; year 4, 3,400 units; and year 5, 2,400 units. Required: Complete a depreciation schedule for the units-of-production method. Prepare the journal entry to record Year 2 depreciation
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