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In April 1, 2020, Smithfield Company purchased a computer controlled cutting machine for $350,000. Smithfield estimated that the machine will operate for a total of 16,500 hours over its useful life of eight years. The estimated residual value at the end of its useful life is $20,000. The machine was put into service immediately and during the remainder of 2020, it was operated for 1,450 hours. Smithfield has a December 31 year-end.
Required:
Problem 1: In the space below, calculate the depreciation expense for the cutting machine for the year ended December 31, 2020, using each of the following depreciation methods. Show your calculations for part marks and round your final answers to the nearest whole dollar. 1. Units of production based on hours 2. Double-diminishing balance
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