Reference no: EM132789311
Question - Fixed Assets and Depreciation calculations
Kyritz Corporation purchased a machine on January 1, 2017, at a cost of $34,000. Kyritz estimated that the machine would have a useful life of 4 years and a residual value of $4,000. The company also expects 15,000 hours of use over the useful life of the machine as follows: 1,000 hours in 2017, 6,000 hours in 2018, 5,000 hours in 2019, and 3,000 hours in 2020.
Assuming the company uses the double-declining balance method of depreciation calculate depreciation expense for the year ended December 31, 2020.
Assuming the company uses the straight-line method of depreciation, what is the book value of the machine as of December 31, 2018?
Assuming the company uses the units of production method of depreciation, what is the book value of the machine as of December 31, 2019?
Which of the three methods, straight-line, units of production, or double-declining balance would result in lower net income in 2017?
Which of the three methods, straight-line, units of production, or double-declining balance would result in lower net income in 2020?
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