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Assume that Jones Company purchased a machine on January 1, 2019 for $80,000. The machine has an estimated useful life of eight years and an
Assume that Jones Company purchased a machine on January 1, 2019 for $80,000. The machine has an estimated useful life of eight years and an estimated residual value of $8,000. Jones estimates that for purposes of the units of production method the machine has a useful life of 40,000 units and that 7,000 units were produced in 2019. REQUIRED: a. Calculate the depreciation expense, accumulated depreciation, and book value for 2019 using the straight-line method b. Calculate the depreciation expense, accumulated depreciation, and book value for 2019 using the units of production method. c. Calculate the depreciation expense, accumulated depreciation, and book value for 2019 using the double- declining-balance method
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