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Question - On 2 April 2018, Blitzen Amusements purchased a machine that cost $30,000. It cost Blitzen $2,000 to install the equipment and $2,500 to train the staff on the new equipment. The equipment had a useful life of two years or 30,000 units and the residual value was estimated to be $2,000.
Blitzen produced the following number of units each year:
7,000 units 2018
16,250 units 2019
13,250 units 2020
Blitzen depreciates assets using the nearest month methodology in the year of acquisition.
Required -
1. Create a depreciation schedule for 2018, 2019 and 2020 that shows depreciation expense, accumulated depreciation, and net book value, using: Declining balance (70% rate) and Units of production.
2. Which depreciation method would result in the maximum income in 2019?
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