Sheridan Company purchased a new machine on October 1, 2022, at a cost of $104,100. The company estimated that the machine has a salvage value of $7,140. The machine is expected to be used for 96,000 working hours during its 10-year life. Compute depreciation using the following methods in the year indicated.
Declining-balance using double the straight-line rate for 2022 and 2023.
2022 2023
Depreciation using the Declining-balance method
$enter a dollar amount
$enter a dollar amount
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Calculate the depreciation cost per hour. (Round answer to 2 decimal places, e. g. $1.25)
Depreciation cost per hour
$enter the depreciation cost per hour in dollars rounded to 2 decimal places
Units-of-activity for 2022, assuming machine usage was 500 hours. (Round answer to 0 decimal places, e. g. 5,275.)
Depreciation using the Units-of-activity method for 2022
$enter the units-of-activity depreciation cost for 2022 in dollars