Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $87,000. The machine's useful life is estimated to be 5 years, or 400,000 units of product, with a $7,000 salvage value. During its second year, the machine produces 84,500 units of product. What journal entry would be needed to record the machines' second year depreciation under the units-of-production method?
Debit Depletion Expense $16,000; credit Accumulated Depletion $16,000.
Debit Depletion Expense $16,900; credit Accumulated Depletion $16,900.
Debit Depreciation Expense $16,900; credit Accumulated Depreciation $16,900.
Debit Amortization Expense $16,900; credit Accumulated Amortization $16,900.
Debit Depreciation Expense $16,000; credit Accumulated Depreciation $16,000.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $87,000. The ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
As an advertising executive, Madison understands that people are caught up by information that is moving, blinking, flashing, or making noise. This is due to which phenomenon?
Answers (1)
The ending inventory of finished goods for each quarter should equal 25% of the next quarter's budgeted sales in units. The finished goods inventory at the start of the year is 4,000 units. Scheduled production for the second quarter is (in units) :
Answers (1)
The balance of Chiaki's average balance checking account at the beginning of the last cycle was $100, and the only transaction for the cycle was a check that Chiaki wrote for $20, which cleared exactly halfway through the cycle.
Answers (2)
Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2017, from Natalie's grandmother.
Answers (2)
A French cooperative called Sodima allows General Mills to sell Yoplait in the United States in return for a fee, a global market entry strategy known as what? 1. direct investment 2. indirect exporting 3. joint venture 4. licensing
Answers (1)
New Questions in Business
Economic rent is defined as the Question 2 options: amount by which the payment to a factor of production exceeds the supplier's opportunity cost. amount landlords charge to tenants. difference between total revenue and implicit costs.
Answers (1)
Bledsoe Company received $15,000 cash from the issue of stock on January 1, 2013. During 2013 Bledsoe earned $8,500 of revenue on account. The company collected $6,000 cash from accounts receivable and paid $5,400 cash for operating expenses.
Answers (1)
Marriott Vacation Club operates time share vacation properties across the world and employs sales representatives to contact potential buyers to offer a complimentary two or three day stay at one of their locations.
Answers (1)
When Barb realized she didn't have all of the technical information she needed to answer the customer's questions, she made a call to her office. Who would be most likely to provide appropriate assistance? A. an order getter B. an order taker C.
Answers (1)
Suppose demand for U. S. products across the world increases. What is the impact on the flow of financial capital as a result of the increase in demand for products, the value of the U. S. dollar, and the foreign money price of the U. S.
Answers (1)