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I'm having trouble with this problem. Can any expert explain for me in details ? Thank you very much Question 1 (60 points): On 01

I'm having trouble with this problem. Can any expert explain for me in details ? Thank you very muchimage text in transcribed

Question 1 (60 points): On 01 July 2010, Grand Company purchased a machinery of $130,000 by cash. Salvage value is $10,000 with useful life of 5 years. a. Using double declining balance depreciation method, calculate: - Depreciation expense of 2010 and 2011 - Accumulated depreciation and book value at the end of 2010 and 2011 Remember to show your calculations. b. Prepare journal entries to record: the purchase of asset on 01 July 2010: depreciation expense on 31 December 2010 depreciation expense on 31 December 2011

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