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mezya [45]
2 years ago
11

Swifty Corporation purchased a new machine on October 1, 2022, at a cost of $115,000. The company estimated that the machine wil

l have a salvage value of $10,500. The machine is expected to be used for 10,000 working hours during its 5-year life. (a) Compute the depreciation expense under straight-line method for 2022. 2022 Depreciation expense $enter depreciation expense amount in dollar
Business
1 answer:
stiks02 [169]2 years ago
8 0

The depreciation expense under straight-line method for 2022 is $5225.

<h3>What is the depreciation expense?</h3>

The straight-line depreciation allocates the depreciation expense evenly over the useful life of an asset.

Straight line depreciation expense = (Cost of asset - Salvage value) / useful life

(115,000 - $10,500) / 5 = $20,900

Depreciation expense in 2022 = 3/12 x 20,900  = $5225

To learn more about straight line depreciation, please check: brainly.com/question/6982430

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umka2103 [35]

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July 1      68,000

July 5                                  510

July 9                                  16,000

July 19    26,000

July 22                                1,100

July 31    6,300

July 31                                  3,900

July 31    1,340

July 31     <u>                             6,900</u>

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July 31    5,300

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July 10   1,600

land

              debit                    credit

July 9     16,000

accounts payable

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July 10                                1,600

July 22   1,100

July 28   <u>                            250     </u>

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July 31                                1,340

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July 19                                26,000

common stock

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July 1                                  68,000

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July 31    600

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I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

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