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Solve the depreciation expense for each of the property

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Kingbird Industries has a December 31st year end. On July 1, 2020 Kingbird Industries purchased the following property, plant & equipment items:

                                   Cost             Residual Value                 Useful Life               Depreciation Method

Machinery               $1,335,000        $95,000                      1 million units            Activity Method

Building               $688,000             $88,000                       30 years                     Straight line

Computer             $165,000             $10,000                        5 years                  Double-Declining-Balance

During 2020 Kingbird produced 120,000 units using its machinery. During 2021 Kingbird produced 220,000 units using its machinery.

Required

Problem 1: Calculate the 2020 and 2021 depreciation expense for each of the property, plant & equipment items. Show details of all calculations.

Reference no: EM132767007

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