Hamilton Company purchased a machine for $11,800 on January 1, 2016. The machine has been depreciated using

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Hamilton Company purchased a machine for $11,800 on January 1, 2016. The machine has been depreciated using the straight-line method over a four -year life with a $1,600 residual value. Hamilton sold the machine on January 1, 2018, for $8,000.

Required:

a) What is straight-line depreciation for the year ended December 31, 2016?

b) What is the book value on December 31, 2017?

Related Book For answer-question

Financial Reporting and Analysis

ISBN: 978-1259722653

7th edition

Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer

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Posted Date: Oct 08, 2018 12:23 AM

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Hamilton Company purchased a machine for $11,800 on January 1, 2016. The machine has been depreciated using

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SLM Cost of Machine 1180000 Salvage Value 160000 Life ... View the full answer

Financial Reporting and Analysis

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