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Finnegan's Fixtures purchased molding machines at the beginning of 2019 for $10,000. The machines have an estimated residual value of $2,000 and an estimated life of 5 years or 50,000 hours of operation. The company is considering alternative depreciation methods. Calculate the following:
Problem A) Accumulated depreciation at December 31, 2020, using the straight-line depreciation method.
Problem B) Depreciation expense for 2019 using the units-of-production depreciation method. Assume that the machines are operated for 5,000 hours in 2019 and 8,000 hours in 2020.
Problem C) Book value of the equipment at December 31, 2020, using the double-declining-balance depreciation method.
Problem D) What are the advantages of using straight-line depreciation for financial reporting purposes?
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