1 answer

Use the following information to complete the depreciation schedule below using the units of production method...

Question:

use the following information to complete the depreciation schedule below using the units of production method of depreciation.
A machine was purchased on Jan. 1, 2017 for a cost of $60,000. It has a salvage value of $4,000 and is expected to produce 130,000 units during its useful life.
Year 1 - a machine produced 12,000 units.
Year 2 - a machine produced 16,000 units.
Year 3 - a machine produced 11,000 units.
Round you depreciable rate to the nearest cents
Year Annual Depreciation Book Value
Year Annual Depreciation Book Value

Answers

Solution:

Depreciation amount per unit = (Cost - Residual value) / useful life in units = ($60,000 - $4,000) / 130000 = $0.43 per unit

Unit of Production method
Year Asset Cost Depreciation per unit Nos of units produced Depreciation Expense for the year Accumulated Depreciation Ending Book Value
Purchase Date $60,000.00
1 $0.43 12000 $5,160.00 $5,160.00 $54,840.00
2 $0.43 16000 $6,880.00 $12,040.00 $47,960.00
3 $0.43 11000 $4,730.00 $16,770.00 $43,230.00
Total $16,770.00
.

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