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Sunshine Corporation purchased a new machine on Jan 4, 2019 for $185,000 cash. The machine has a useful life of four years or of 25,000 hours. After the useful life the machine will have a residual value of $3,000. The machine was used for 3,600 hours in 2019 and 4,500 hours in 2020.
Required:
Problem 1: Calculate the depreciation expense for 2019 and 2020 under each of the following methods:
i. Straight-line
ii. Double diminishing-balance
iii. Units-of -production
Problem 2: Calculate the carrying amount at the end of 2020 for the machine when the company is using the Straight-line depreciation method.
Problem 3: Record the journal entry for the cash purchase of the machine on Jan 4, 2019 and for its depreciation expense for the year ended December 31, 2020 under the units-of-production method
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