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Sunshine Corporation purchased a new machine on Jan 4, 2018 for $185,000 cash. The machine has a useful life of five years or of 26,000 hours. After the useful life the machine will have a residual value of $3,000. The machine was used for 3,600 hours in 2018 and 4,500 hours in 2019.
Question a. Calculate the depreciation expense for 2018 and 2019 under each of the following methods:
i. Straight-line ii. Double diminishing-balanceiii. Units-of -production
Question b. Calculate the carrying amount at the end of 2019 for the machine when the company is using the Straight-line depreciation method.
Question c. Record the journal entry for the cash purchase of the machine on Jan 4, 2018 and for its depreciation expense for the year ended December 31, 2019 under the units-of-production method.
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