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Ql-Aws Company purchases a factory machine at a cost of $18,000 on January 1, 2012....

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Accounting

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Ql-Aws Company purchases a factory machine at a cost of $18,000 on January 1, 2012. Aws expects the machine to have a salvage value (residual value) of $2,000 at the end of Its 4- year useful life. During its useful life, the machine is expected to be used 160,000 hours. Actual Annual hourly use was: 2012, 40,000; 2013, 60,000; 2014, 35,000; 2015, 25,000. Instructions a- Prepare depreciation schedules for the following methods: (a) straight-line, (b) units-of-production, and (c) declining-balance (DDB Method) b- Show the book value of the machine at the end of 2014 at the balance sheet C- Prepare the journal entries on 1/1/2012, 31/6/2014 Q2- On January 1, 2012, XYZ Co. purchased a car at a historical cost of $28,000. The car has been depreciated by the straight-line method using a 4-year useful life and a $4,000 salvage value (residual value). The company's financial year ends on December 31. Instructions Prepare the journal entry or entries to record the disposal (discard) of the car assuming that it was: (a) Retired and scrapped with no salvage value on January 1, 2016. (b) Sold for $5,000 on July 1, 2015

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