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2 October, 04:27

Several years ago, O'Leary's Manufacturing purchased a new machine with an 8-year expected life for $68,400. On its current balance sheet, O'Leary's lists accumulated depreciation on the machine at $51,300. Based on this, how much has the company expensed over the life of the asset? A : $51,300 B : $8,550 C : $17,100 D : $68,400

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Answers (2)
  1. 2 October, 04:46
    0
    A) 51,300

    Explanation:

    Accumulated depreciation represents how much O'Leary's Manufacturing has recorded over the years up to the current accountable period in expense. This is because on every accountable period the expense (Depreciation) is accumulated in this contra-asset account.
  2. 2 October, 04:46
    0
    Based on this, how much has the company expensed over the life of the asset? A : $51,300

    Explanation:

    Cost Annual Dep. Accum. Expense Accum. Depre

    Year 1 68400 8550 8550

    Year 2 8550 17100

    Year 3 8550 25650

    Year 4 8550 34200

    Year 5 8550 42750

    Year 6 8550 51300
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