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5. Firm A started operations in 2020 and acquired the following PPE assets: a. Assuming Firm A has a December 31 year-end, complete the following
5. Firm A started operations in 2020 and acquired the following PPE assets: a. Assuming Firm A has a December 31 year-end, complete the following table: b. Prepare a journal entry to record depreciation expense for the cell highlighted in yellow Balance Sheet: Income Statement: d. Assume Firm A decides to sell Machine 102 on June 30, 2022 for $12,000. How would they record this transaction? - Update depreciation to the date of sale (January 1, 2022 - June 30, 2022) - Calculate gain/loss on sale. - Record the sales transaction
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