Question: ] QUESTIONS Randal purchased a framing machine for $50 on January 1, 2021. The machine is expected to have a five-year life, with a residual

] QUESTIONS Randal purchased a framing machine for $50 on January 1, 2021. The machine is expected to have a five-year life, with a residual value of $5 at the end of four years. Required: What is the depreciable base? What is the denominator in the ratio? Write the journal entry to report depreciation expense for 2021. Account Debit Credit QUESTION 6 Buster Company purchases McTavish Company for $400 cash on January 1, 2021. The book value of McTavish Company's net assets reported on its December 31, 2020 balance sheet was $340. McTavish is a debt-free company. An analysis indicated that the fair value of McTavish's tangible assets exceeded the book value by $47, and the fair value of identifiable intangible assets exceeded book value by $33 Required: What is the fair value of Vann's net assets? 420 Write the Journal ontry to record the purchase of McTavish Company

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