Covey Company purchased a machine on January 1,2019,by paying cash of $250,000.The machine has an estimated useful life of five years,is expected to produce 500,000 units,and has an estimated residual value of $25,000.
A.Calculate depreciation expense to the nearest whole dollar for each year of the machine's useful life under.
1.Straight-line depreciation method.
2.Double declining-balance method.
B.What is the book value of the machine after three years using the double declining-balance method?
C.What is the book value of the machinery after three years using the straight-line method?
D.If the machine was used to produce and sell 120,000 units in 2019,what would be the depreciation expense using the units-of-production method?

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The Answer of Covey Company purchased a machine on January 1,2019,by paying cash of $250,000.The machine has an estimated useful life of five years,is expected to produce 500,000 units,and has an estimated residual value of $25,000.
A.Calculate depreciation expense to the nearest whole dollar for each year of the machine's useful life under.
1.Straight-line depreciation method.
2.Double declining-balance method.
B.What is the book value of the machine after three years using the double declining-balance method?
C.What is the book value of the machinery after three years using the straight-line method?
D.If the machine was used to produce and sell 120,000 units in 2019,what would be the depreciation expense using the units-of-production method?

Covey Company Purchased a Machine on January 1,2019,by Paying Cash