At the beginning of the year, Young Company purchased three used machines from Vince, Inc. The machines were immediately overhauled, installed and started working. Since the machines were different, each was recorded in separate accounts. machine a Machine B Machine C The amount paid for the asset $ 7,600 $ 25,600 $ 9,300 Installation costs 200 600 500 Pre-use renewal

Sep 8, 2023

At the beginning of the year, Young Company purchased three used machines from Vince, Inc. The machines were immediately overhauled, installed and started working. Since the machines were different, each was recorded in separate accounts.

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At the beginning of the year, Young Company purchased three used machines from Vince, Inc. The machines were immediately overhauled, installed and started working. Since the machines were different, each was recorded in separate accounts. machine a Machine B Machine C The amount paid for the asset $ 7,600 $ 25,600 $ 9,300 Installation costs 200 600 500 Pre-use renewal
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machine a Machine B Machine C
The amount paid for the asset $ 7,600 $ 25,600 $ 9,300
Installation costs 200 600 500
Pre-use renewal costs 1,500 1,200 1,000
Repairs after production starts 400 350 325

At the end of the first year, each machine was running 7,000 hours.

Necessary:

Calculate the cost of each machine.

Prepare the journal entry to post depreciation expense at the end of year 1, assuming the following:

predictions

machine Hayat Residual Value Depreciation Method
A 5 years $ 600 Right
B 40,000 seconds 1.000 production units
C 6 years 2.000 Double declining balance

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