The following information is available for a piece of A Company's machinery:
On November 1,2022,the electronic controller was replaced with a new one costing $8,000 purchased for cash.The new controller had an estimated residual value of $1,000 and an estimated useful life of 5 years.During 2022 the machinery was used for 3,200 hours from January 1 to October 31 and 650 hours from November 1 to December 31.Required: Record depreciation on machinery and the controller replacement for 2022.Round depreciation amounts to the nearest dollar.

Question

The following information is available for a piece of A Company's machinery:
  On November 1,2022,the electronic controller was replaced with a new one costing $8,000 purchased for cash.The new controller had an estimated residual value of $1,000 and an estimated useful life of 5 years.During 2022 the machinery was used for 3,200 hours from January 1 to October 31 and 650 hours from November 1 to December 31.Required: Record depreciation on machinery and the controller replacement for 2022.Round depreciation amounts to the nearest dollar.

Quizplus · Accepted Answer

The Answer of The following information is available for a piece of A Company's machinery:
  On November 1,2022,the electronic controller was replaced with a new one costing $8,000 purchased for cash.The new controller had an estimated residual value of $1,000 and an estimated useful life of 5 years.During 2022 the machinery was used for 3,200 hours from January 1 to October 31 and 650 hours from November 1 to December 31.Required: Record depreciation on machinery and the controller replacement for 2022.Round depreciation amounts to the nearest dollar.

The Following Information Is Available for a Piece of a Company's