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Ivy Industrial Packing Co purchased a packing machine for $950,000 at the beginning of 2009. The robot has an estimated useful life of four years and an estimated residual value of $70,000. The packing machine, which should last 20,000 hours, was operated 6,000 in 2009; 8,000 hours in 2010; 4,000 hours in 2011; and 2,000 hours in 2012.
1. Compute the annual depreciation and carrying value (book value) for the robot for 2009, 2010, 2011, and 2012 assuming the following depreciation methods:
a. Straight-line
b. Units of production
c. Double-declining balance
2. If the packing machine is sold for $400,000 on 12/31/2010, what would be the amount of the gain or loss under each depreciation method?
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