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Need help with this question Bonita Company purchased Machine #201 on May 1, 2020. The following...

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Bonita Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the

Bonita Company purchased Machine #201 on May 1, 2020. The following information relating to Machine #201 was gathered at the end of May. Price $100,300 Credit terms 2/10, n/30 Freight-in 944 $ 4,484 Preparation and installation costs Labor costs during regular production operations $12,390 It is expected that the machine could be used for 10 years, after which the salvage value would be zero. Bonita intends to use the machine for only 8 years, however, after which it expects to be able to sell it for $1,770o. The invoice for Machine #201 was paid May 5, 2020. Bonita uses the calendar year as the basis for the preparation of financial statements Your answer is incorrect. Try again Compute the depreciation expense for the years indicated using the following methods Depreciation Expense (1) Straight-line method for 2020 67,968 (2) Sum-of-the-years-digits method for 2021 20,539 (3) Double-declining-balance method for 2020 2,087

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Answer: O straight line Depreciation for 2020 = $12,744x ele = $ 8496 Annual straight line Depreciation - Machinery cost-Salv

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