Get-In Jeeps Incorporated is in the business of producing fuel-efficient all-terrain Jeeps. Get-In Jeeps purchased a new
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Question:
Get-In Jeeps Incorporated is in the business of producing fuel-efficient all-terrain Jeeps. Get-In Jeeps purchased a new robotic assembly machine on March 31, 2012 for $5,550,000; the machine has an estimated useful life of 15 years. In the engine of the robotic assembly machine is a solid gold covering that surrounds the outer mantel of the gearbox; this 24-karat gold covering is used because it is soft and has more give than steel. The covering is worth $750,000 and can be resold on the open market.
2) Prepare the appropriate journal entries using the Double-Declining Balance Method to account for the first year of depreciation incurred on the Get-It Jeeps assembly machine at December 31, 2012
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