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please answer 2 questions ASAP no need for explanation. thanks Markham Manufacturing Inc. purhased and later sold a machine. Details relating to the machine are
please answer 2 questions ASAP no need for explanation. thanks
Markham Manufacturing Inc. purhased and later sold a machine. Details relating to the machine are below. Acquisition cost $216,000 Date of purchase 1-May-20 Date put into use 1-Aug-20 Estimated useful life in years 8 Estimated residual value $36,000 Date of disposal 1-Apr-24 Proceeds of disposal $150,000 Complete a depreciation chart for this machine and then answer the following questions. Question 74 (2 points) How is depreciation recorded at year end? Select all that apply. a) Increase Cash b) Increase Depreciation Expense c) Decrease Depreciation Expense d) Increase Accumulated Depreciation e) Decrease Accumulated Depreciation f) Decrease Cash g) Decrease Equipment h) Increase Equipment Question 79 (4 points) How will the disposal of the machine be recorded? Ignore the partial-year depreciation entry. Select all that apply. (4 marks) a) Decrease Depreciation Expense b) Increase Cash Oc) Decrease Accumulated Depreciation d) Decrease Gain on Disposal e) Increase Loss on Disposal Of) Decrease Cash g) Increase Depreciation Expense Oh) Increase Equipment Oi) Decrease Equipment j) Increase Gain on Disposal k) Decrease Loss on Disposal (1) Increase Accumulated Depreciation Step by Step Solution
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