Business, 18.06.2020 05:57 dadonelson2109
Samson Manufacturing Company, a calendar-year company, purchased a machine for $65,000 on January 1, 20X0. At the date of purchase, Samson incurred the following additional costs:
Loss on sale of old machinery $1,000
Freight-in 500
Installation cost 2,000
Testing costs prior to regular operation 300
The machine’s estimated salvage value was $5,000, and Samson estimated it would have a useful life of 20 years with depreciation being computed on the straight-line method. In January 20X2, accessories costing $3,600 were added to the machine to reduce its operating costs. These accessories neither prolonged the machine’s life nor provided any additional salvage value.
Required:
What should Samson record as depreciation expense for 2011?
Answers: 1
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Samson Manufacturing Company, a calendar-year company, purchased a machine for $65,000 on January 1,...
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