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Problem - On January 1, 2018, Seahawks Corp. purchased a new machine. The following information was available:
Cost
$500,000
Estimated salvage or residual value
$100,000
Estimated useful life
5 years
Seahawks Corp.'s year-end is December 31.
The machine is expected to produce a total of 500,000 components over the next five years, as follows:
Year
Amount of Components
2018
80,000
2019
60,000
2020
150,000
2021
180,000
2022
30,000
Required -
1. Calculate the depreciation expense for 2020 using the double-diminishing-balance method.
2. At the end of the five years, what is the net book value of the machine? You do not need to show calculations.
3. If this was your company, which method of depreciation would you choose to depreciate this machine?
4. What would the adjusting entry look like for the 2021 depreciation expense under the straight-line depreciation method?
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