Hello,How do I calculate these balances?Thanks Sheridan Ltd. purchased a new machine on April 4, 2017, at a cost of $164,000. The company estimated that the machine would havea residual value of $16,000. The machine is expected to be used for 10,000 working hours during its four-year life. Actual machineusage was 1,400 hours in 2017; 2,100 hours in 2018; 2,400 hours in 2019; 2,300 hours in 2020; and 1,800 hours in 2021. Sheridan hasa 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. 2.75and final answers to O decimal places, eg. 5,275.)(1) Straight-line for 2017 through to 2021.2017 expense $2018 expense2019 expense2020 expense2021 expense2017 expense2018 expense2019 expense(2) Diminishing-balance using double the straight-line rate for 2017 through to 2021.2020 expense2021 expense$2018 expense$2019 expense$2020 expense2021 expense$$$$(3) Units-of-production for 2017 through to 2021.$2017 expense $$$$$$

Name: Hello,How do I calculate these balances?Thanks Sheridan Ltd. purchased
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Description: Hello,How do I calculate these balances?Thanks Sheridan Ltd. purchased a new machine on April 4, 2017, at a cost of $164,000. The company estimated that the machine would havea residual value of $16,000. The machine is expected to be used for 10,000

Straight Line Rate of Depreciation :— It is calculated by dividing 1 by useful life of asset.…

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Sheridan Ltd. purchased a new machine on April 4, 2017, at a cost of $164,000. 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 1,400 hours in 2017; 2,100 hours in 2018; 2,400 hours in 2019; 2,300 hours in 2020; and 1,800 hours in 2021. Sheridan has a December 31 year end.

Sheridan Ltd. purchased a new machine on April 4, 2017, at a cost of $164,000. 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 1,400 hours in 2017; 2,100 hours in 2018; 2,400 hours in 2019; 2,300 hours in 2020; and 1,800 hours in 2021. Sheridan has a December 31 year end.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 4RE: Utica Machinery Company purchases an asset for 1,200,000. After the machine has been used for 25,000...

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