Stone Lion Corporation purchased equipment on January 1, 2004 with a cost basis of $30,000,...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Stone Lion Corporation purchased equipment on January 1, 2004 with a cost basis of $30,000, estimated residual value of $5,000, and a five-year life. The equipments total expected output is 10,000 units. Actual production for each year was as follows: 2004: 2,000 units; 2005: 2,800 units; 2006: 1,700 units; 2007: 1,500 units; 2008: 2,000 units
Prepare a schedule showing the depreciation and book value information for each of the following methods listed below:
STRAIGHT-LINE
End of year Calculation Depr. Exp. Accum. Depr. Book Value
2004
2005
2006
2007
2008
Total
UNITS-OF-PRODUCTION
End of year Calculation Depr. Exp. Accum. Depr. Book Value
2004
2005
2006
2007
2008
Total
DOUBLE-DECLINING BALANCE
End of year Calculation Depr. Exp. Accum. Depr. Book Value
2004
2005
2006
2007
2008
Total
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
