PROB #1	THIS IS A CONTINUOUS PROBLEM THAT CHANGES WITH OVER TIME.						D
	1/1/21	Marcus Company purchases a new plastics extruder for $1,525,000. Instalation and wiring of the of the machine cost $50,000. It also cost $25,000 in training and materials costs to get the machine operating. It is estimated that the machine will have residual value of $225,000 with a usful life of 10 years. The machine was paid for by a a three year 6% with interest only payments on 12/31/21, 12/31/22 and interest and principle on 12/31/23.
	a.	Determine the cost of the machine for depreciation purposes
	b.	Provide the journal entry for the purchase of the machine.
		Determine the annual depreciation rate using the straight line depreciation method. (12/31/21
		Determine the Amount of Interest as of 12/31/21
		Provide the journal entries for the accrual of depreciation and payment of interest (12/31/23)
		What was the Book value of the Machine at the end of 2021?
	12/31/23	Provide the journal entries for the accrual of depreciation and the payoff of the loan. (12/31/23)
		What was the Book value of the Machine at the end of 2023?
	1/1/24	Based on the situation as of 12/31/23:
		The Marcus Company sold the machine for				$ 1,150,000
		Provide the Journal Entry for the sale of the machine.
	1/1/24	Based on the situation as of 12/31/23:
		As of the beginning of 2024 it was determined that the machine actually had a useful life of only 7 years.
		Determine the new depreciation amount per year and provide the depreciation accrual at the end of 2024
		What was the Book value of the Machine at the end of 2024?
	1/1/24	What was the Book value of the Machine at the end of 2027?