On April 1 of the current year, a company purchased and placed in service a machine with a cost of $240,000. The company estimated the machine's useful life to be four years or 60,000 units of output with an estimated salvage value of $60,000. During the current year, 12,000 units were produced.Prepare the necessary December 31 adjusting journal entry to record depreciation for the current year assuming the company uses:a. The straight-line method of depreciationb. The units-of-production method of depreciationc. The double-declining-balance method of depreciation
What will be an ideal response?
| a. | Depreciation Expense-Machinery* | 33,750 |
| ? | Accumulated Depreciation-Machinery | 33,750 |
| b. | Depreciation Expense-Machinery* | 36,000 |
| ? | Accumulated Depreciation-Machinery | 36,000 |
| c. | Depreciation Expense-Machinery* | 90,000 |
| ? | Accumulated Depreciation-Machinery | 90,000 |
You might also like to view...
A key concept in networking is to:
A) follow up with every person you make contact with B) select who you will follow up with based on their usefulness C) send an email to every contact on a regular basis D) follow up on all emails with a phone call three days later E) offer a business card to select individuals
Although the Japanese culture is high on power distance, the country has a tradition of employee participation in decision making.
a. true b. false
The amount by which the overhead applied to jobs during a period exceeds the overhead incurred during the period is known as:
A. Estimated overhead. B. Predetermined overhead. C. Adjusted overhead. D. Underapplied overhead. E. Overapplied overhead.
_______________is the involvement, satisfaction, and enthusiasm employees have for their work.
a. Employee engagement b. Organization commitment c. Job involvement d. Group development