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On January 1, 2017, Stockton Manufacturing purchased a machine for $910,000. The company expected the machine to

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On January 1, 2017, Stockton Manufacturing purchased a machine for $910,000. The company expected the machine to remain useful for eight years and to have a residual value of $80,000. Stockton Manufacturing uses the straight-line method to depreciate its machinery. Stockton Manufacturing used the machine for four years and sold it on January 1, 2021, for $350,000.

1. Compute accumulated depreciation on the machine at January 1, 2021 (same as December 31, 2020).

2. Record the sale of the machine on January 1, 2021.

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1 910000 80000 8 years 103750 per year 103750 4 41...View the full answer


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Related Book For  book-img-for-question
Financial Accounting

Financial Accounting

ISBN: 978-0134725987

12th edition

Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

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In accounting terms, depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible. An example of fixed assets are buildings, furniture, office equipment, machinery, etc. The land is the only exception that cannot be depreciated as the value of land appreciates with time. Depreciation allows a portion of the cost of a fixed asset to be the revenue generated by the fixed asset. This is mandatory under the matching principle as revenues are recorded with their associated expenses in the accounting period when the asset is in use. This helps in getting a complete picture of the revenue

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