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LUCKY_DIMON [66]
3 years ago
7

Cheetah Copy purchased a new copy machine. The new machine cost $100,000 including installation. The company estimates the equip

ment will have a residual value of $25,000. Cheetah Copy also estimates it will use the machine for four years or about 8,000 total hours. Actual use per year was as follows:
Year Hours Used
1 3,000
2 2,000
3 1,200
4 2,800

Required:
Prepare a depreciation schedule for four years using the straight-line method.
Business
1 answer:
Zina [86]3 years ago
5 0

Answer:

Results are below.

Explanation:

Giving the following information:

Purchase price= $100,000

Salvage value= $25,000

Useful life= 4 years

<u>To calculate the annual depreciation, we need to use the following formula:</u>

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (100,000 - 25,000) / 4

Annual depreciation= $18,750

<u>Year 1:</u>

Annual depreciation= 18,750

Accumulated depreciation= 18,750

Book value= 100,000 - 18,750= 81,250

<u>Year 2:</u>

Annual depreciation= 18,750

Accumulated depreciation= 18,750*2= 37,500

Book value= 100,000 - 37,500= 62,500

<u>Year 3:</u>

Annual depreciation= 18,750

Accumulated depreciation= 18,750*3= 56,250

Book value= 100,000 - 56,250= 43,750

<u>Year 4:</u>

Annual depreciation= 18,750

Accumulated depreciation= 18,750*4= 75,000

Book value= 100,000 - 75,000= 25,000

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