Consider the Following: A. Peters Co. Bought a Machine for $15,790 on July

question 3

Essay

Consider the following:
a. Peters Co. bought a machine for $15,790 on July 1, 2015. The estimated life of the machine was seven years, and salvage value was estimated to be $782. The straight-line
depreciation method was used.
Compute depreciation expense for 2015.
b. Peters Co. bought a machine costing $30,492 on January 1, 2016. A six-year life was estimated with no salvage value. The sum-of-the-years'-digits depreciation method was used.
Compute depreciation expense for 2020.
c. Peters Co. bought a machine costing $62,000 on January 1, 2016. Salvage value was estimated to be $2,000, a five-year life was determined, and 150%-declining-balance depreciation was used.
Compute the amount that would be in the accumulated depreciation account on December
31, 2017.

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