Solar Innovations Corporation bought a machine at the beginning of the year at a cost...
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Accounting
Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $22,000. Assume the estimated productive life was five years and the residual value was $2,000. The estimated productive life of the machine is 10,000 units. Expected annual production was year 1, 2,000 units; year 2, 3,000 units; year 3, 2,000 units; year 4, 2,000 units; and year 5, 1,000 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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