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Question - Dersch Co. purchased a machine on January 1, 2022 for $1,500,000.
a. Using the table below, calculate the annual depreciation expense for the first 3 years of the machine's life (estimated at 5 years or 50,000 hours with a residual value of $150,000) under both Straight-line and Units of Production. During the machine's life it was used 15,000 hours in 2022; 14,000 hours in 2023; and 10,000 hours in 2024.
b. The company sold the machine on January 1, 2023 for $190,000. The company had decided to use Straight-line depreciation for this piece of machinery when it purchased it back in January 2022. Record the journal entry to record the sale of the machine on January 1, 2024.
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Net sales are $2708000, beginning total assets are $704000, and the asset turnover is 2.0. What is the ending total asset balance
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