Ppe Depreciation Wilma S Wicker Furniture Purchased A Laser Guided Mitre Saw On January 1 2020 At A Cost Of 20 000 De 1 (143.5 KiB) Viewed 35 times
Ppe Depreciation Wilma S Wicker Furniture Purchased A Laser Guided Mitre Saw On January 1 2020 At A Cost Of 20 000 De 2 (132.13 KiB) Viewed 35 times
PPE Depreciation Wilma's Wicker Furniture purchased a laser-guided mitre saw on January 1, 2020 at a cost of $20,000. Depreciation for 2020 and 2021 was based on an estimated 8-year useful life and $4,000 estimated residual value. The saw has an expected service life of 128,000 hours and operated for a total of 18,000 hours in 2020 and 12,000 in in 2021. On January 1, 2022, Wilma's revised its estimates and now believes the laser mitre saw will have a total service life of an additional three years or 135,000 total hours but the residual value will be only $2,000. Wilma's uses the units-of- production method to depreciate all assets. Wilma's Wicker Furniture has a December 31 year end and operated the saw for 20,000 hours in 2022.
Required: Calculate the following items (provide supporting calculations in the workspace below): January 1, 2020 Depreciable Amount: $ 2020 Depreciation Expense: $ 2021 Depreciation Expense: $ December 31, 2021 carrying value: January 1, 2022 Depreciable Amount: $ 2022 Depreciation Expense: $
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