Using each of the following methods compute the annual

Reference no: EM13579546

1. The Maker Company exchanged 25,000 shares of its own $50 par value common stock for turret lathe from Turer comapny. The market value of the Maker Company stock was $68 per share at the date of exchange. The equipment had a carrying value of $1,625,000.

Record the exchange on the books of Maker Company in general journal form.

2. Manufacturing Inc. purchased a new machine on January 2, 2014, that was built to perform one function on its assembly line. Data pertaining to this machine are:

Acquisition Cost: 330,000

Residual Value: 30,000

Estimated service life: yrs 5

service hours: 250,000

Production output: 300,000

Using each of the following methods, compute the annual depreciated rate and charge for the years ended December 31, 2014 and 2015

1) straight-line

2) Serivce hours (assume 32,000 hrs for 2014 and 36,000 hrs for 2015) productive-output ( assume 31,000 units for 2014 and 37,000 units for 2015)

Reference no: EM13579546

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