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Can you help me answer all parts to these questions? Here's the other one: 14 2. Prepare the journal entry to record depreciation expense at
Can you help me answer all parts to these questions?
Here's the other one:
14 2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) At the beginning of the year, Oakmont Company bought three used machines from American Manufacturing, Inc. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Estimates Machine Life Residual Value A 5 years S1,200Straight-line Machine Machine 20,000 1,800 production hours Machine A Amount paid for $20,900 $11,400 $11,100 500 900 780 C 10 years1,800 asset 950 750 720 2,200 Installation costs Renovation costs 600 400 prior to use View transaction list Repairs after production began Journal entry worksheet By the end of the first year, each machine had been operating 4,000 hours. Required 1. Compute the cost of each machine Record the depreciation expense for the three used machines at the end of year 1 assuming each machine has its own accumulated depreciation account. Note: Enter debits before credits Cost o Machine Transaction General Journal Debit Credit Machine A Machine B Machine C Record entry View general journal Clear entry
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