Single-Diminishing-balance is incorrect can you please correct before completing
ID: 2550727 • Letter: S
Question
Single-Diminishing-balance is incorrect can you please correct before completing part B.
Problem 9-7A (Part Level Submission) Yukon Productions Corp. purchased equipment on March 1, 201S, for $61,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $8,500. During 2015, the equipment produced 4,900 units. On November 30, 2016, the machine was sold for $18,000 and had produced 5,600 units that year Your answer is partially correct. Try again. Record all the necessary entries for the years ended December 31, 2015 and 2016, using the following depreciation methods: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round the depreciation rate in the single diminishing balance method to 2 decimal places, e.g. 0.33% and Round depreciation per unit in the units of production depreciation method to 2 decimal places, eg. 2.25 and final answers to O decimal places, e.g. 5,275.)Explanation / Answer
Depreciation rate = (61000/3)/61000 33% Depreciation expense Accumulated depreciation Book value Year 0 61000 Year 1 61000*33%*10/12 16775 16775 44225 Year 2 44225*33%*11/12 13378 30153 30847 Nov-30 Depreciation expensse 13378 Accumulated depreciation 13378 Nov-30 Cash 18000 Accumulated depreciation 30153 Loss on disposal 12847 Equipment 61000