On April 3, 2020, David's Chocolates purchased a machine for $87,200. It was assumed that the...

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On April 3, 2020, David's Chocolates purchased a machine for $87,200. It was assumed that the machine would have a five-year life and a $16,800 trade-in value. Early in January 2023, it was determined that the machine would have a seven-year useful life and the trade-in value would be $9,600. David's Chocolates uses the straight-line method to the nearest month for calculating depreciation. Required: Record depreciation at December 31, 2023, David's Chocolates' year-end. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet < 1 Record depreciation for the year 2023. Note: Enter debits before credits. Date Debit Credit Dec 31, 2023 General Journal On April 3, 2020, David's Chocolates purchased a machine for $87,200. It was assumed that the machine would have a five-year life and a $16,800 trade-in value. Early in January 2023, it was determined that the machine would have a seven-year useful life and the trade-in value would be $9,600. David's Chocolates uses the straight-line method to the nearest month for calculating depreciation. Required: Record depreciation at December 31, 2023, David's Chocolates' year-end. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet < 1 Record depreciation for the year 2023. Note: Enter debits before credits. Date Debit Credit Dec 31, 2023 General Journal

Answer rating: 100% (QA)

ANSWER Annual depreciation 87200168005 14080 Net bo... View the full answer