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Please answer all three questions Journalize the adjusting entry for depreciation on Dec 31, 2021, using straight-line method: The machine was bought on Aug 1,2021
Please answer all three questions
Journalize the adjusting entry for depreciation on Dec 31, 2021, using straight-line method: The machine was bought on Aug 1,2021 at $20,000, salvage value is estimated as $2,000 and useful life is estimated as 10 years. Journalize the adjusting entry for depreciation on Dec 31, 2021, using unit-of-production method: The machine was bought on Aug 1,2021 at $20,000, salvage value is estimated as $2,000 and total production is estimated as 10,000 hours. This year it has operated for 700 hours. Journalize the adjusting entry for depreciation on Dec 31, 2021, using double-declining balance method: The machine was bought on Jan 1, 2021 at $20,000, salvage value is estimated as $2,000 and useful life is estimated as 10 yearsStep by Step Solution
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