Solution-The machine is expected to have a four year useful

The machine is expected to have a four year useful life

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Reference no: EM13911606

Porter, Inc., acquired a machine that cost $360,000 on October 1, 2013. The machine is expected to have a four year useful life and an estimated salvage value of $40,000 at the end of its life. Porter, Inc., uses the calendar year for financial reporting. Depreciation expense for one-fourth of a year was recorded in 2013.

Required:
a. Using the straight line depreciation method, calculate the depreciation expense to be recognized in the income statement for the year ended December 31, 2015, and the balance of the Accumulated Depreciation account as of December 31, 2015.

b. Using the double declining balance depreciation method, calculate the depreciation expense for the year ended December 31, 2015, and the net book value of the machine at that date.

Reference no: EM13911606

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The machine is expected to have a four year useful life : Porter, Inc., acquired a machine that cost $360,000 on October 1, 2013.

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The machine is expected to have a four year useful life

Reference no: EM13911606

Reference no: EM13911606

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