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#### On January 1, 2021, Meyer bought a new milling machine for \$55,000

###### Accounting

On January 1, 2021, Meyer bought a new milling machine for \$55,000. The machine is estimated to last for 10 years and have a salvage value of \$5,000. It is also expected to produce 50,000 units of milled timber. In 2021, Meyer produced 4,850 units of milled timber. How much depreciation expense should Meyer record for 2021 if it used the units-of-production method? \$5.500 \$5.000 \$4,850 \$5,485
Question 9 1 pts [Review. Consider what depreciation method is being used and what information is relevant. Some of the information is extraneous. Under both the straight-line method and the units-of-production method, Meyer would subtract estimated salvage value from acquisition cost to derive the "depreciation base": estimated salvage is the part of the cost we will get back, so it is not really cost. 1 On January 4, 2021, Meyer bought a new milling machine for \$55,000. The machine is estimated to have a useful life of 10 years and a salvage value of \$5,000. It is also expected to produce 50.000 units of milled timber. In 2021, Meyer produced 4,850 units of milled timber. How much depreciation expense should Meyer record for 2021 if it uses the straight-line method? \$5,000 \$4,850 \$5,485 \$5.500
Question 8 1 pts [Review] Pemke purchased land with a mineral deposit (bauxite) at a cost of \$1,500,000. Also, Pemke paid \$100,000 in back taxes to obtain clear legal title to the land. The salvage value of the land (after bauxite is removed) is expected to be \$250,000. Pemke expects to mine 2,000,000 tons of bauxite from this deposit. Under the units-of-production method, the depletion expense per each ton of bauxite mined is: See the textbook illustrations for "units-of-production" depletion. \$0.675. \$6.00 \$0.625 \$0.875 \$8.00.

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