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Chapter 9 Homework Help Save & Exit Submit 4 1 0 points eBook Hint Print References E 9 - 3 ( Algo ) Determining Financial
Chapter Homework Help Save & Exit Submit points eBook Hint Print References EAlgo Determining Financial Statement Effects of an Asset Acquisition and StraightLine Depreciation LO LO O'Connor Company ordered a machine on January at a purchase price of $ On the date of delivery, January the company paid $ on the machine and signed a longterm note payable for the balance. On January it paid $ for freight on the machine. On January O'Connor paid cash for installation costs relating to the machine amounting to $ On December the end of the accounting period O'Connor recorded depreciation on the machine using the straightline method with an estimated useful life of years and an estimated residual value of $ Required: Indicate the effects accounts amounts, and for increase, for decrease of each transaction on January and on the accounting equation. Compute the acquisition cost of the machine. Compute the depreciation expense to be reported for the first year. What should be the book value of the machine at the end of the second year? Complete this question by entering your answers in the tabs below. Required Required Required Required minus sign. Mc Prey of Next
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EAlgo Determining Financial Statement Effects of an Asset Acquisition and StraightLine Depreciation LO LO
O'Connor Company ordered a machine on January at a purchase price of $ On the date of delivery, January the company paid $ on the machine and signed a longterm note payable for the balance. On January it paid $ for freight on the machine. On January O'Connor paid cash for installation costs relating to the machine amounting to $ On December the end of the accounting period O'Connor recorded depreciation on the machine using the straightline method with an estimated useful life of years and an estimated residual value of $
Required:
Indicate the effects accounts amounts, and for increase, for decrease of each transaction on January and on the accounting equation.
Compute the acquisition cost of the machine.
Compute the depreciation expense to be reported for the first year.
What should be the book value of the machine at the end of the second year?
Complete this question by entering your answers in the tabs below.
Required
Required
Required
Required
minus sign.
Mc
Prey
of
Next
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