Business, 11.06.2021 01:00 sciencefacts4504

Porter Inc. acquired a machine that cost $367,000 on October 1, 2019. The machine is expected to have a five-year useful life and an estimated salvage value of $43,000 at the end of its life. Porter uses the calendar year for financial reporting. Depreciation expense for one-fourth of a year was recorded in 2019. Required:
a. Using the straight-line depreciation method, calculate the depreciation expense to be recognized in the income statement for the year ended December 31, 2021, and the balance of the Accumulated Depreciation account as of December 31, 2021.
b. Using the double-declining-balance depreciation method, calculate the depreciation expense for the year ended December 31, 2021, and the net book value of the machine at that date.

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Answer from: qudoniselmore0

The answer is "148050 and 246740".

Explanation:

Please find the complete question in the attached file.

for point a:

Cost 365000

Less: Salvage value 36000

Depreciable cost 329000

Divide by Useful life

Annual Depreciation 65800

Depreciation expense 65800

Accumulated Depreciation $=(65800\times \frac{1}{4})+65800+65800= 148050$

for point b:

Double declining balance rate $=\frac{1}{5}\times 2= 40\%$

Depreciation for 2019 $=365000\times 40\%\times \frac{1}{4}=36500$

Depreciation for 2020 $=(365000-36500)\times 40\%=131400$

Depreciation expense for 2021 $=(365000-36500-131400)\times 40\%= 78840$

Depreciation expense78840

Accumulated Depreciation =36500+131400+78840 =246740

Porter Inc. acquired a machine that cost $367,000 on October 1, 2019. The machine is expected to hav

Answer from: Quest

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Answer from: Quest

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Porter Inc. acquired a machine that cost $367,000 on October 1, 2019. The machine is expected to hav...