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What journal entry is needed at the end

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Question - Fleet Sports purchased a production machine with a cost of $180,000 at the beginning of 2019. Transportation costs to get the machine ready were $5,000. An additional $15,000 of labor costs were incurred to assemble the machine.

The equipment has an estimated life of 10 years or 100,000 snowboards (units of product). The estimated residual value is $20,000. During 2019, 17,000 snowboards (units of product) were produced with this machinery.

Determine the following, and show your work:

What is the depreciation expense per unit of production using the units-of-production depreciation?

What is the total depreciation expense at December 31, 2019, using units-of-production depreciation?

What journal entry is needed at the end of 2019 to record depreciation expense using straight-line depreciation?

What is the book value of the equipment at the end of 2020 using straight-line depreciation?

What is depreciation expense for the equipment at the end of 2019 using double-declining balance depreciation?

What journal entry is needed at the end of 2020 to record depreciation expense using double-declining balance depreciation?

Reference no: EM132617214

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