Reference no: EM132473307
Point 1: Machine No. 1550 was purchased for cash on April 1, 2017, at an installed cost of $60,000. Its useful life was estimated to be six years with a $6,000 trade-in value. Straight-line depreciation was recorded for the machine at the ends of 2017, 2018, and 2019. On March 29, 2020, it was traded for Machine No. 1795, with an installed cash price of $68,000. A trade-in allowance of $30,810 was received for Machine No. 1550, and the balance was paid in cash. The fair values of Machine No. 1550 and Machine No. 1795 could not be determined.
Point 2: Machine No. 1795's life was predicted to be four years with a trade-in value of $8,800. Double declining-balance depreciation on this machine was recorded each December 31. On October 2, 2021, it was traded for Machine No. BT-311, which had an installed cash price of $491,000, the machine's fair value. A trade-in allowance of $10,000 was received for Machine No. 1795, and the balance was paid in cash.
Question 1: Determine what is the depreciation expense for Machine No.1795 on Dec 31st 2020?
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