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On January 1, 2020, a company purchases machinery for $100,000. The machinery has a salvage...

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Accounting

On January 1, 2020, a company purchases machinery for $100,000. The machinery has a salvage value of $8,000. Assume the company uses units-of-production depreciation. The machinery is expected to produce 50,000 units over its useful life. In 2020, the company produced 6,500 units. In 2021, the company produced 8,000 units.

Compute each of the following:

1.Depreciation expense for 2020.

2. Depreciation expense for 2021.

3. Carrying value of the machinery

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