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ive attached detailed pictures of the assignment theres multiple parts Raine Industries bought a machine at the beginning of the year at a cost of
ive attached detailed pictures of the assignment theres multiple parts
Raine Industries bought a machine at the beginning of the year at a cost of $32,000. The estimated useful life was five years and the residual value was $4,000. Required: 1. Complete a depreciation schedule for the straight-line method. 2. Prepare the journal entry to record Year 2 depreciation. Complete this question by entering your answers in the tabs below. Complete a depreciation schedule for the straight-line method. Complete this question by entering your answers in the tabs below. Complete a depreciation schedule for the straight-line method. Prepare the journal entry to record Year 2 depreciation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the adjusting entry for depreciation expense for Year 2. Note: Enter debits before credits. Required: A machine that cost $540,000 has an estimated residual value of $60,000 and an estimated useful life of six years. The company uses straight-line depreciation. Calculate its book value at the end of year 5. (Do not round intermediate calculations.) C\&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February 28,2021 , to advance Jeff $45,000 on a one-year, 7 percent note, with interest to be paid at maturity on February 28, 2022. CSM prepares financial statements on June 30 and December 31. Required: Prepare the journal entries that CSM will make: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to whole dollar amount.) 1. When the note is established 2. Prepare the journal entries to accrue interest on June 30 and December 31. 3. to record the principal payment at the maturity date Step by Step Solution
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