Question
1) On January 1, 2019, Horton Inc. sells a machine for $25,400. The machine was originally purchased on January 1, 2017 for $45,700. The machine
1) On January 1, 2019, Horton Inc. sells a machine for $25,400. The machine was originally purchased on January 1, 2017 for $45,700. The machine was estimated to have a useful life of 5 years and a salvage value of $0. Horton uses straight-line depreciation. In recording this transaction?
2)Utley Corp purchased a new truck on January 1, 2018. The truck cost $30,000, has an estimated life of eight years, and has an estimated residual value of $6,000. Utley Corp uses the double-declining-balance method to compute depreciation. What is Utley Corp's adjusted balance in its Accumulated Depreciation account at the end of 2019 (two years after purchase)?
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