Purchased a machine for $59,000 in cash on Mar1, 2011, It was repaired at a cost of

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Purchased a machine for $59,000 in cash on Mar1, 2011, It was repaired at a cost of $920 and installed on a new platform costing $2,080. The useful life will be 5 years,. Residual value is $14,000 on Feb28. 2014, it was sold.

Please prepare the calculation and entries for depreciation and disposition of the machine under the following conditions
1) Sold it for 26,000 cash

2) Sold it for $33,200 cash

3) Sold it for $34,180 cash

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0324312140

16th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Posted Date: Jun 25, 2022 06:16 AM

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Purchased a machine for $59,000 in cash on Mar1, 2011, It was repaired at a cost of

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Total Cost of Machine Purchase Cost Initial Repair Cost Installation Cost 59000 920 2080 62000 Usefu... View the full answer

Intermediate Accounting

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