can someone please tell me if i am doing this right?

On january 1, 2001, Lake state Manufacturing company purchased for $40,000 a machine that will produce and estimated 75,000 units of product. the machine has an estimated useful life of four years and an estimated residual value of $8,000. calaculate the following amounts, rounding answers to the nearest dollar:

A. the carrying value of the machinery after it had been used for three years under the straight-line, double declining balance method and the production method assuming that 12,000, 13,000 and 13,000 units were produced in 2001, 2002, 2003 respectively;

Answer:

Straightline

Machine Value = 40,000 - 8,000 (salvage) = 32,000

Annual Straightline Depreciation 32,000 / 4 = 8,000

Year Beg Value Depreciation Expense Accumulated Depreciation Carrying Value
2001 40,000.00 8,000.00 (8,000.00) 32,000.00
2002 32,000.00 8,000.00 (16,000.00) 24,000.00
2003 24,000.00 8,000.00 (24,000.00) 16,000.00


Double Declining Balance

8,000 / 32,000 = 25% x 2 = 50%



Year Beg Value Depreciation Expense Accumulated Depreciation Carrying Value
2001 40,000.00 20,000.00 (20,000.00) 20,000.00
2002 20,000.00 10,000.00 (30,000.00) 10,000.00
2003 10,000.00 1,000.00 (31,000.00) 9,000.00

2003 = 10,000 * 50% = 5,000
Since this is less than straigtline of 8,000, straigtline is used for the remaining years.
10,000 - 8,000 (salvage) = 2,000
2 years left = 2,000 / 2 =1000


B. annual depreciation expense and the accumulated depreciation at the end of 2001, 2002 and 2003 under all three methods.

Answer:

Production Method

Machine Value = 40,000 - 8,000 (salvage) = 32,000

Units Produced 75000
Price / Unit 0.426666667

Year Beg Value Units Depreciation Expense Accumulated Depreciation Carrying Value
2001 40,000.00 12,000.00 5,120.00 (5,120.00) 34,880.00
2002 34,880.00 13,000.00 5,547.00 (10,667.00) 29,333.00
2003 29,333.00 13,000.00 5,547.00 (16,214.00) 23,786.00