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Equipment was purchased for the cost of $105,000 on February 1. The company's fiscal year end is October 31. The equipment is estimated to have
Equipment was purchased for the cost of $105,000 on February 1. The company's fiscal year end is October 31. The equipment is estimated to have a four-year life and a $15,000 residual value. Based on experience, the equipment can produce 30,000 units of a product before it must be replaced. The actual units produced year are: Year 1 2 3 4 No. of Units 20,000 11,000 10,000 3,500 Complete the following Depreciation table for the equipment using units of production. Do not use dollar signs or commas. h Depreciation Accumulated Carrying A Year Expense Depreciation 1 Year Depreciation Accumulated Carrying Amount Expense Depreciation 2 3 I 4 Prepare the adjusting entry, if any, required on November 30, the end of the fiscal year if on November 1, a company borrowed $250,000 from their bank by issuing a 6% note payable due in three months. Interest is payable at maturity. Do NOT use commas or dollar signs in your response. Debit to for Credit to for
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