A Company's Property Records Revealed the Following Information About Its

question 47

Essay

A company's property records revealed the following information about its plant assets:
$$\begin{array} { | l | r | r | r | r | c | } \hline \begin{array} { c } \text { Machine } \\\text { No. }\end{array} &{ \text { Cost } } & \begin{array} { c } \text { Salvage } \\\text { Value }\end{array} & \begin{array} { c } \text { Purchase } \\\text { Date }\end{array} & \begin{array} { c } \text { Estimated } \\\text { Life }\end{array} & \text { Depreciation Method } \\\hline 1 & \$ 82,000 & \$ 8,000 & 1 / 01 & \text { 4 years } & \text { Straight-line } \\\hline 2 & 46,000 & 3,600 & 7 / 01 & \text { 5 years } & \text { Double-declining balance } \\\hline\end{array}$$
Calculate the depreciation expense for each machine in Year 1 and Year 2 for the year ended December 31.
Machine 1:
Year 1 $\underline{\quad\quad\quad\quad}$ $\quad$ $\quad$ Year 2 $\underline{\quad\quad\quad\quad}$
Machine 2:
Year 1 $\underline{\quad\quad\quad\quad}$ $\quad$ $\quad$ Year 2 $\underline{\quad\quad\quad\quad}$

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Definitions:

Lexical Approach

A method in personality psychology that proposes that key personality traits can be identified by analyzing the language people use to describe themselves and others.

Gordon Allport

An American psychologist known for his work in personality theory and for emphasizing the importance of individuality and personal growth.

Openness

A personality trait that refers to the extent to which an individual is open to experiencing a variety of activities, engaging in novel experiences, and demonstrating curiosity and creativity.

New Activities

Tasks or experiences that are novel or unfamiliar to an individual, offering opportunities for learning and growth.