Kate purchased new machinery for her business at a cost of $69,000. She estimates that the machinery

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Kate purchased new machinery for her business at a cost of $69,000. She estimates that the machinery will have a useful economic life of eight years and that it will have a residual value of $9000. Kate uses the straight-line method of depreciation.

a. Calculate the annual charge for depreciation of the machinery.

b. State the journal entry required to include the depreciation in the financial statements for the first year.

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Accounting For Cambridge International AS And A Level

ISBN: 9780198399711

1st Edition

Authors: Jacqueline Halls Bryan, Peter Hailstone

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Question Posted: Sep 15, 2021 03:57 AM

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Kate purchased new machinery for her business at a cost of $69,000. She estimates that the machinery

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a To calculate the annual charge for depreciation of the machinery using the s...View the full answer

Accounting For Cambridge International AS And A Level

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