On January 1, 2020, Lincoln Manufacturing purchased a machine for $930,000. The company expected the machine to
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On January 1, 2020, Lincoln Manufacturing purchased a machine for $930,000. The company expected the machine to remain useful for eight years and to have a residual value of $110,000. Lincoln Manufacturing uses the straight-line method to depreciate its machinery. Lincoln Manufacturing used the machine for four years and sold it on January 1, 2024, for $250,000.
1. Compute accumulated depreciation on the machine at January 1, 2024 (same as December 31, 2023).
2. Record the sale of the machine on January 1, 2024.
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1 930000 110000 8 years 102500 per year 1025004 41...View the full answer
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