Reference no: EM132779602
On April 1, 2019, MJK Corporation purchased and placed into service a plant asset (paint machine). The following information is available regarding the plant asset:
Acquisition Cost $150,000
Estimated Salvage Value $15,000
Estimated Useful Life 5 years
Estimated Useful Life 10,000 units
mandatory- In 2019, Corporation mixed 1,500 cans of paint and in 2020 the company mixed 2,600 cans of paint.
Problem 1: What are the journal entries at December 31, 2019 and December 31, 2020 to record depreciation for each year under the following depreciation methods-
1. Straight-line?
2. Double-declining balance?
3. Units of Production?
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