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Mazyrski [523]
3 years ago
15

Mullen Company purchased a new machine costing $55,200 on January 1, 2017. The machine is expected to have a $3,600 salvage valu

e at the end of its useful life of six years. What is the depreciation expense that Mullen Company records for 2017 using the double-declining-balance method?
Business
1 answer:
hammer [34]3 years ago
7 0

Answer:

depreciation expense for 2017

Explanation:

Double Declining    

Year  Beginning Dep-Expense   Acc. \: Dep           Ending

                                                                                        $55,200.00

1   $55,200.00   $18,400.00    $18,400.00           $36,800.00

2   $36,800.00   $12,266.67   $30,666.67           $24,533.33

3   $24,533.33   $8,177.78   $38,844.45           $16,355.55

4   $16,355.55   $5,451.85   $44,296.30           $10,903.70

5   $10,903.70   $3,634.57   $47,930.87           $7,269.13

6   $7,269.13   $3,669.13   $51,600.00           $3,600.00

The DD rate is done by appling:

straight line rate x 2

(1/6) x 2 = 2/6 = 1/3

to net book value.

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8 0
3 years ago
During the month of March, Karen Company's employees earned wages of $68,000. Withholdings related to these wages were $5,202 fo
Ivan

Answer:

Journal entry to record wages expense and wages payable

Explanation:

As the company incurred no cost related to these earnings for federal unemployment tax so it would be excluded from wages and salaries expense

Entry                                                     DEBIT       CREDIT

Salaries and wages Expense          $68,000

Social Security(FICA)                                             $5,202

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3 years ago
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