Question
On July 1, Company J purchased a machine for $29,840. In addition, the company paid $306 in registration fees and county property tax of $229
On July 1, Company J purchased a machine for $29,840. In addition, the company paid $306 in registration fees and county property tax of $229 on the machine. Further, Company J paid $505 shipping charges for delivery and $589 for installation. The machine has an estimated useful life of 7 years and a salvage value of $4,090. What is the depreciation base of the new machine.
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On January 1 of year 1, Company T purchased an equipment for 250,000 and uses the sum-of-the-years' digits method to depreciate the equipment. The estimated salvage value of the equipment is $25,000 and the estimated useful life is five years. What is the equipments carrying amount as of December 31, year 3? A. $50,000
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Company A is committed to make sinking fund deposits of $500,000 each year for 10 years. The company estimates that the yield on the deposits would be 6%. If the deposits are made on the first day of each year, what will be the total value in the fund account at the end of 10 years?
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