On 1 July 2017, Mountains Ltd purchased a new snow-making machine for $210000. The machine is estimated
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Question:
On 1 July 2017, Mountains Ltd purchased a new snow-making machine for $210000. The machine is estimated to have a 10-year life with a $10000 residual value.
Required:
What journal entry would Mountains Ltd make at 30 June 2018 if it uses the straight-line method of depreciation?
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