Sheridan Ltd. purchased a new machine on April 4, 2017, at a cost of $172,000....
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Sheridan Ltd. purchased a new machine on April 4, 2017, at a cost of $172,000. The company estimated that the machine would have a residual value of $16,000. The machine is expected to be used for 10,000 working hours during its four-year life. Actual machine usage was 1,500 hours in 2017; 2,200 hours in 2018;2,400 hours in 2019;1,900 hours in 2020; and 2,000 hours in 2021. Sheridan has a December 31 year end. Calculate depreciation for the machine under each of the following methods: (Round expense per unit to 2 decimal places, e.g. 2.75 and final answers to 0 decimal places, e.g. 5,275.) (2) Diminishing-balance using double thestraight-line rate for 2017 through to 2021
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