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Natali5045456 [20]
3 years ago
6

Digg Co. installs a manufacturing machine in its factory at the beginning of the year at a cost of $36,000. The machine's useful

life is estimated at 10 years, or 300,000 units of product, with a $6,000 salvage value. During its first year, the machine produces 14,000 units of product. Determine the machine's first year depreciation expense under the units-of-production method.
Business
1 answer:
Nastasia [14]3 years ago
3 0

Answer:

Annual depreciation (year 1)= $1,400

Explanation:

Giving the following information:

Buying price= $36,000.

Useful units= 300,000 units of product.

Salvage value= $6,000

During its first year, the machine produces 14,000 units of product.

To calculate the depreciation expense for the first year under the units of production method, we need to use the following formula:

Annual depreciation= [(original cost - salvage value)/useful life of production in units]*units produced

Annual depreciation= [(36,000 - 6,000)/300,000]*14,000

Annual depreciation= 0.1*14,000= $1,400

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2 years ago
Jackpot Mining Company operates a copper mine in central Montana. The company paid $2,000,000 in 2021 for the mining site and sp
ludmilkaskok [199]

Answer:

1) total cost $3,209,909

<u><em>journal entries:</em></u>

copper deposit    3,209,909 debit

       cash                          2,800,000 credit

       restoration liability       409,909 credit

Explanation:

mine deposit: 2,000,000 land

                    +    800,000 extraction

                   <u>  +   409,909</u> restoration cost

                       3,209,909‬  total cost

expected monetary value of the restoration cost:

\left[\begin{array}{cccc}$Electrical&Return&Probability&Weight\\$One&500,000&0.25&125,000\\$Second&600,000&0.4&240,000\\$Third&800,000&0.35&280,000\\$Total&&1&645,000\\\end{array}\right]

<em><u>preset value of restoration cost:</u></em>

\frac{Maturity}{(1 + rate)^{time} } = PV  

Maturity  $645,000.00

time  4.00

rate  0.12000

\frac{645000}{(1 + 0.12)^{4} } = PV  

PV   409,909.1606

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3 years ago
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Answer:

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