Irvington Manufacturing Inc.purchased a new machine on January 2,2014,that was built to perform one function on its assembly line.Data pertaining to this machine are:
Acquisition cost $330,000
Residual value $30,000
Estimated service life:
Years 5
Service hours 250,000
Production output 300,000
Using each of the following methods,compute the annual depreciation rate and charge for the years ended December 31,2014,and 2015:
Definitions:
Income Statement
A financial statement that shows a company's revenues and expenses, and ultimately its profit or loss, over a specific period of time.
Earnings Performance
An evaluation of a company's profitability over a specific period, often analyzed through metrics like EPS (earnings per share).
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