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XYZ Purchased a Machine That Cost $62,000; the Estimated Residual

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XYZ purchased a machine that cost $62,000; the estimated residual value is $2,000.The following data are available at the end of the first year of use:  Estimated Life  Utilization During First Year 5 years  One year 1,500,000 service hours 310,000300,000 production units 50,000\begin{array}{|l|l|}\hline \text { Estimated Life } & \text { Utilization During First Year } \\\hline \mathbf{5} \text { years } & \text { One year } \\\hline \mathbf{1 , 5 0 0 , 0 0 0} \text { service hours } & \mathbf{3 1 0 , 0 0 0} \\\hline \mathbf{3 0 0 , 0 0 0} \text { production units } &\mathbf{5 0 , 0 0 0} \\\hline\end{array} Based on the forgoing data,complete the following tabulation.Show computations.  Method  Amortization Expense First  Year A Straight-line $_____\begin{array}{|ccc|}\hline & \text { Method } & \text { Amortization Expense First } \\\hline & & \text { Year } \\\hline A&\text { Straight-line }&\$\_\_\_\_\_\\\hline\end{array}  B) Sum-of-the-years’-digits... $____\text { B) Sum-of-the-years'-digits... }\quad\quad\quad\quad\$\_\_\_\_  C) Senice hours. $____\text { C) Senice hours. }\quad\quad\quad\quad\$\_\_\_\_ D \quad Declining balance. \quad\quad$___\$\_\_\_ E \quad Productive output. \quad\quad$___\$\_\_\_

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Definitions:

Planning Phase

The initial stage in a project or process where objectives are defined, and strategies are developed.

Written Digital Channel

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