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Blizzard [7]
3 years ago
7

On January​ 1, 2018, Tyson Manufacturing Corporation purchased a machine for​ $40,000,000. Tyson's management expects to use the

machine for​ 33,000 hours over the next six years. The estimated residual value of the machine at the end of the sixth year is​ $47,000. The machine was used for​ 4,000 hours in 2018 and​ 5,500 hours in 2019. What is the depreciation expense for 2018 if the corporation uses the​ units-of-production method of​ depreciation? (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest​ dollar.)
Business
1 answer:
enyata [817]3 years ago
5 0

Answer:

$4,842,800.00

Explanation:

Units-of-production depreciation method calculates the amount to be deprecation depending on the asset usage for that period.

In this case, the total hours the asset is expected to work.

Cost of machine $ 40,000,000.00

Salvage value : $ 47,000.00

total hours machine should work: 33,000.00

Depreciable amount: = Cost price- salvage value

    =$40,000,000.00-$47,000.00

    =$39,953,000.00

Depreciation per hour= $39,953,000.00/33000

    =1,210.6969

    =1,210.70

Depreciation for 2018     =1210.7x4000

    =$4,842,800.00

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