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Question - NKPM Company purchases a factory machine at a cost of $30,000 on January 1, 2010. Company expects the machine to have a salvage value of $3,000 at the end of its 5-year useful life. Machine's useful life is also available in units at $100,000. The machines produced 20,000, 25,000, 30,000, 15,000 and 10,000 units over the next 5 years.
A. Prepare depreciation schedule under the units-of-activity method.
B. Record the adjusting journal entry that will be passed for the depreciation at the end of first year.
C. Prepare depreciation schedule under the double declining method method.
D. Record the adjusting journal entry that will be passed for the depreciation at the end of first year.
Presented below are 3 unrelated situations involving equity securities: What is the effect upon carrying value and earnings for each of the situations above?
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