Question
On March 1, 20X1, Efay Co. purchases for $600,000 a machine that Efay estimates will have a useful life of 5 years and a residual
- On March 1, 20X1, Efay Co. purchases for $600,000 a machine that Efay estimates will have a useful life of 5 years and a residual value of $15,000.
a. Efay uses DDB depreciation. Complete the table below.
|
| Year-beginning | Depreciation | Accumulated | Year-end |
| Year | book value | expense | depreciation | book value |
| 20X1 |
|
|
|
|
| 20X2 |
|
|
|
|
| 20X3 |
|
|
|
|
| 20X4 |
|
|
|
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| 20X5 |
|
|
|
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| 20X6 |
|
|
|
|
b. Prepare the adjusting journal entry to record 20X1 depreciation expense.
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Auditing Local Union Financial Records A Guide For Local Union Trustees
Authors: John Lund
1st Edition
0875461948, 978-0875461946
