Consider the following:
a.Peters Co. bought a machine for $15,790 on July 1, 2013. The estimated life of the machine was seven years, and salvage value was estimated to be $782. The straight-line depreciation method was used.
Compute depreciation expense for 2013.
b.Peters Co. bought a machine costing $30,492 on January 1, 2014. A six-year life was estimated with no salvage value. The sum-of-the-years'-digits depreciation method was used.
Compute depreciation expense for 2018.
c.Peters Co. bought a machine costing $62,000 on January 1, 2014. Salvage value was estimated to be $2,000, a five-year life was determined, and 150%-declining-balance depreciation was used.
Compute the amount that would be in the accumulated depreciation account on December 31, 2015.

Question

Consider the following: 
a.Peters Co. bought a machine for $15,790 on July 1, 2013. The estimated life of the machine was seven years, and salvage value was estimated to be $782. The straight-line depreciation method was used.
Compute depreciation expense for 2013.
b.Peters Co. bought a machine costing $30,492 on January 1, 2014. A six-year life was estimated with no salvage value. The sum-of-the-years'-digits depreciation method was used. 
Compute depreciation expense for 2018.
c.Peters Co. bought a machine costing $62,000 on January 1, 2014. Salvage value was estimated to be $2,000, a five-year life was determined, and 150%-declining-balance depreciation was used. 
Compute the amount that would be in the accumulated depreciation account on December 31, 2015.

Quizplus · Accepted Answer

The Answer of Consider the following: 
a.Peters Co. bought a machine for $15,790 on July 1, 2013. The estimated life of the machine was seven years, and salvage value was estimated to be $782. The straight-line depreciation method was used.
Compute depreciation expense for 2013.
b.Peters Co. bought a machine costing $30,492 on January 1, 2014. A six-year life was estimated with no salvage value. The sum-of-the-years'-digits depreciation method was used. 
Compute depreciation expense for 2018.
c.Peters Co. bought a machine costing $62,000 on January 1, 2014. Salvage value was estimated to be $2,000, a five-year life was determined, and 150%-declining-balance depreciation was used. 
Compute the amount that would be in the accumulated depreciation account on December 31, 2015.

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