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hi please fill in the blanks and correct if incorrect thank you Villiams Company acquired machinery on July 1, Year 1, at a cost of
hi please fill in the blanks and correct if incorrect thank you
Villiams Company acquired machinery on July 1, Year 1, at a cost of $130,000. The estimated useful life of the machinery was 10 ye and the estimated residual value was $10,000. Williams uses the double-declining balance method of depreciation. On October 1, Ye Williams sold the equipment for $75,000. 1. Record the journal entry for the depreciation on this machinery for Year 1. Depreciation Expense 12.480 Accumulated Depreciation Machinery 12.480 2. Record the journal entry for the sale of the machinery. If an amount box does not require an entry, leave it blank. If required, rou amounts to the nearest dollar. Machinery 75,000 67,600 12,600 150,000 Step by Step Solution
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