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Problem - Metlock Corp. purchased machinery for $346,500 on May 1, 2020. It is estimated that it will have a - useful life of 10 years, salvage value of $16,500, production of 264,000 units, and working hours of 25,000. During 2021, Metlock Corp. uses the machinery for 2,650 hours, and the machinery produces 28,000 units.
From the information given, compute the depreciation charge for 2021 under each of the following methods.
(a) Straight-line
(b) Units-of-output
(c) Working hours
(d) Sum-of-the-years'-digits
(e) Declining-balance (use 20% as the annual rate)
Stevens pays $50,000 to acquire a one-third interest in the business. The correct journal entry to record Stevens' investment in the business includes
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