On April 3, 2023, David's Chocolates purchased a machine for $71,200. It was assumed that the...

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On April 3, 2023, David's Chocolates purchased a machine for $71,200. It was assumed that the machine would have a five-year life and a $15,200 trade-in value. Early in January 2026, It was determined that the machine would have a seven-year useful life and the trade-in value would be $8,000. David's Chocolates uses the straight-line method to the nearest month for calculating depreciation Required: Record depreciation at December 31, 2026, David's Chocolates' year-end. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet < 1 Record depreciation for the year 2026. Note: Enter debits before credits On April 3, 2023, David's Chocolates purchased a machine for $71,200. It was assumed that the machine would have a five-year life and a $15,200 trade-in value. Early in January 2026, It was determined that the machine would have a seven-year useful life and the trade-in value would be $8,000. David's Chocolates uses the straight-line method to the nearest month for calculating depreciation Required: Record depreciation at December 31, 2026, David's Chocolates' year-end. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet < 1 Record depreciation for the year 2026. Note: Enter debits before credits

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To record depreciation for the year 2026 using the straightline method we first need to calculate th... View the full answer