Question: For Q1 b) and c), your transaction table should contain 1 entry that can be reflected on the form of the Duality Equation 1. Cost

  • For Q1 b) and c), your transaction table should contain 1 entry that can be reflected on the form of the Duality Equation

    1. Cost Concept

    IndustryCo purchased a machine on December 31, 2008 that costs $38,000 with cash and fully depreciates over 20 years for accounting purposes. Assume the machines value declines linearly.

  • A) How much depreciation expense would IndustryCo record each year?

  • B) What would be the book value of the machine on a balance sheet prepared at year end:
    1. 2013
    2. 2030
    3. 2025
  • C) Record the purchase of the machine in 2008 in a transaction table. Remember your set of entries must satisfy the form of the Duality Equation.

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