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3) Depreciation (20 points) Woody House Corp. purchased a production machine at a price of $500,000 on March 21st, 2012 on account. The depreciated is

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3) Depreciation (20 points) Woody House Corp. purchased a production machine at a price of $500,000 on March 21st, 2012 on account. The depreciated is on a straight-line basis with an estimated useful life of ten years. On May 31st, 2019, Woody House Corp. sold the production machine for cash of $140,000. The depreciation had been recorded last on December 31st, 2018. Instruction: (show your calculations and round to 2 decimal places) (a) Compute the depreciation expense for the fractional period of 2019. (b) Compute the book value of the production machine at May 31st, 2019, the date of sale. (c) Compute the gain or loss on the sale of the production machine. (d) In the space provided below, prepare the all journal entries necessary to be recorded for the sale of the production machine on May 31st , 2019. Date Account Titles Debit Credit

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