On January 1, 2018, ABC Company purchased a new machine for $200,000. The machine was assigned...
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On January 1, 2018, ABC Company purchased a new machine for $200,000. The machine was assigned a $5,000 residual value and a 20-year life. ABC Company will depreciate the machine using the double-declining balance depreciation method. Calculate the book value of the machine at December 31, 2022. On June 1, 2018, XYZ Company paid $150,000 to purchase some equipment. The equipment was assigned a useful life of 20 years and was to be depreciated using the straight-line method. On October 31, 2022, XYZ Company sold the equipment for $102,970 cash. XYZ Company recorded a loss on the sale equal to $14,965. Calculate the residual value that was assigned to the equipment. On January 1, 2018, ABC Company purchased a new machine for $200,000. The machine was assigned a $5,000 residual value and a 20-year life. ABC Company will depreciate the machine using the double-declining balance depreciation method. Calculate the book value of the machine at December 31, 2022. On June 1, 2018, XYZ Company paid $150,000 to purchase some equipment. The equipment was assigned a useful life of 20 years and was to be depreciated using the straight-line method. On October 31, 2022, XYZ Company sold the equipment for $102,970 cash. XYZ Company recorded a loss on the sale equal to $14,965. Calculate the residual value that was assigned to the equipment.
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A Answer Book Value at December 31 2022 80000 Depre... View the full answer
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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