Blue Corp purchased machinery on January 1, 2016 for $692,000. Straight-line depreciation is used. At the time
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Blue Corp purchased machinery on January 1, 2016 for $692,000. Straight-line depreciation is used. At the time management estimated that the machinery would be used over 10 years and would have a residual value of $47,000. It is now December 31, 2020 and management has determined that the machines life is now a total of 12 years with no residual value. No adjusting journal entries have been recorded yet for the 2020 year-end.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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